HMRC Admin 19 Response

Hi,

We can only provide general information and guidance on this forum. For an answer to a detailed question of this nature, you would need to contact our Self Assesment team or seek professional advice.

Self Assessment: general enquiries

Thank you.

Hi,

A lump sum payment would not be taxable in the UK, but regular periodic payments would be.

Thank you.

Hi,

As your UK military pension is a government pension, it will remain taxable in the UK, even when you are resident in Australia. Your state pension will not be taxable in the UK, nor will any private pensions you may have.  

As you will not be resident in Scotland, you would revert to the national rates of tax

You will need to complete form P85 to advise HMRC that you are leaving the UK. You can submit the P85 here:

Get your Income Tax right if you're leaving the UK (P85)

You will need to create a government gateway user ID and password, if you do not already have them. If you are unable to di so then there is an option to print off the completed form and post it to HMRC.

Thank you.

Hi,

In the UK, the standard is to be taxed on your worldwide income on the arising basis, by completing a Self Assessment tax return, regardless of whether you remit it to the UK or not.  

If you choose to apply the remittince basis instead of the arising basis, you would not pay tax on the foreign income you do not bring into the UK. You wouild declare the income in the residence section as unremitted. You would pay tax on all the other income.  

If you are still uncertain about this, you should consider seeking the advice of an accountant or professional adviser.

Thank you.

Hi,

You are liable to tax on all of your UK income for the whole tax year. The whole amount of trust income is taxable.  

Split year treatment will only cover the overseas income in the overseas part of the year, so that you do not need to declare it.

Thank you.

Hi,

Yes, all UK income for the whole tax year is declared on the tax return. Only foreign income that arisies in the overseas period of the split year should not be included on the return. All worldwide income from from the date you arrived in the UK, should be declared, as that is the date the overseas split ends.

Thank you.

Hi,

The guidance on tax and employee share schemes, advises if you keep them in the plan for five years, you will not pay Income Tax or National Insurance on their value.  

You will not pay Capital Gains Tax on shares you sell if you keep them in the plan, until you sell them. You can see guidance here:

Tax and Employee Share Schemes

Thank you.

Hi,

All Hong Kong source pensions, annuities, and lump sum payments in consideration of past employment or self employment, are taxable in Hong Kong.

The insurance payout is not taxable and does not need to be declared.

Thank you.

Hi,

While your savings remain in your ISA, the interest they generate in the ISA, is tax free.  

You are free to use any withdrawal from your ISA as you see fit. If you withdraw cash from your ISA and place it in another non ISA account, then any interest the cash generates in that non ISA account, will be taxable. The withdrawal itself is not taxable, just the interest the withdrawal generates.

Thank you.