HMRC Admin 19 Response

Hi Iprsc Pang,  

As long as the money transferred was not earned in a tax year you were resident in the UK, then the money will be classed as capital and is not taxable. If the money was earned in a tax year you were resident in the UK, then this would be classed as income and may be taxable.

Thank you.

Hi,

When you submit a claim for tax relief on pension contributions, we would update the record and a tax calculation would be issued for any previous tax years if there was any underpayment or overpayment of tax.

The figures you declare would be used as an estimate going forward and you would receive an amended tax code for the current year to try and give you the tax relief going forward. If you are unsure over the amount that would be due back you can contact our Income Tax team and we can advise how it has been calculated.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/income-tax-enquiries-for-individuals-pensioners-and-employees

Thnak you.

Hi ZCBEELI,

You would only pay tax on any interest, and, or dividends that the savings then generate when you are back in the UK#.

Thank you

Hi Ninah321,

Gifts of money from children to parents have no Income Tax implications, but any interest or dividends generated may be taxable.                        

Tax on savings and investments: detailed information

Thank you.

Hi Keith Watson,

If you become tax resident in the UK in future years, you will be required to submit a Self Assessment tax return on the grounds that you receive an overseas pension.

Lump sum withdrawals from a superannuation fund are regarded as pension income. Foreign Tax Credit Relief can be claimed regarding any overseas tax already deducted from such withdrawals. You can see guidance here:                                                       

Check if you need to send a Self Assessment tax return                                                                 

RDR3: Statutory Residence Test (SRT) notes                                                                

Relief for Foreign Tax Paid 2021 (HS263)

Thank you.

Hi,

You would be entitled to the starter rate due to the level of your non-savings income. You will be required to complete a Self Assessment tax return if your savings interest is above £10,000 in a year. You can see guidance here:

Tax on savings interest

Thank you.

Hi,

Your lump sum payment falls under Article 18 (a) so is only taxable in Belgium.

Thank you.

Hi,

As the payment is from your employer, the income should be shown in the employment section if it is included in your P60. You would then claim credit for the tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.

If it is not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'.

ERSM20193 advises that when RSUs payout at the market value on what is called "dividend equivalents" in either cash or shares, such payments will generally be taxed as earnings in the year they are received.  

ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents 

Thank you.