HMRC Admin 19 Response

Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here:
Tax on savings interest
Tax on dividends
There is no limit to the amount they can give you.
Thank you.

Hi,
Most likely not, as she will have been entitled to her personal savings allowance of £1000 and her starting rate for savings of £5000. To allow us to confirm this for you, please contact our Income Tax team.
Income Tax: general enquiries
Thank you.

Hi,
If not in Self Assessment to comlete a tax return, you can send a computation of how you have arrived at your loss. Each tax year must be separate.
Ensure your National Insurance number is included to allow us to trace your record.
Thank you.

Hi,
You need to buy third party software to complete the residence section along with the other sections you require for your tax return or you can file the whole return in paper format.
Thank you.

Hi Andrew,
Payments made by the individual into an IRA, are made after tax relief is given to the individual by the employer. Payments from this pension are taxable in the USA.  
HMRC do not recognise IRA schemes as pensions, so for UK residents, they are taxed as income under interest and declared as foreign interest on a tax return, SA106.    
There is no US taxation if the pension is subject and liable to UK tax. If US tax is withheld, then the individual, should seek a refund of this tax by filing a form 1040NR.  
HMRC will not give a credit for this tax against any UK tax charged on this income.   
Thank you.

 

Hi MuirisR,
There is no legislative definition of a lump sum but HMRC regards these as being any non periodic payment of a pension, that is, any non regular payment that decreases the value of the remaining pension pot after such payment is made. For example, the first IRA withdrawal is taken in year 1, the next withdrawal was made in year 5, and another withdrawal in year 7, such payments will not be regarded as periodic and will be treated as lump sums under the UK/USA double taxation agreement.
Whereas any amount withdrawn in set, periodic, frequent intervals, for example, weekly, monthly, annually, would not be a lump sum, but rather periodic payments.
Thank you. 

Hi,
You do not need to complete the worksheet on the retutn and you can attach your own computation as a PDF file. For details already sent and awaiting confirmation, you can contact our Income Tax team to chase this up to allow you to file with the correct level of losses.
Thank you.

Hi,
You only tick yes if the laws of the country prevent you from withdrawing it.
If it is a choice not to bring it here, then it is still taxable income if you are UK resident and domiciled, so you would need to change your answer to no.
Thank you.

Hi,
Use the start date as the start of the tax year, so for 2023 to 2024 tax return use 6 April 2023.
Thank you.

Hi,
If you are a UK resident then you can open an ISA.
Thank you.