HMRC Admin 19 Response

Hi,

You should include this in the box for legal, management and other professional fees.

Thank you.

Hi,

The person who is the legal owner and has beneficial interest in the property and the income that arises from this is responsible for reporting the rental income and paying any tax due. They are also responsible for reporting and paying any Capital Gains Tax that may be due once the property is sold.

As the you have stated the property is in your sole name that would be you. Revenue being paid into your wife's account would seem to be from choice, and, or for convenience and it is not relevant for tax purposes. You can see information here:

TSEM9005 - Ownership and income tax: Introduction

Thank you.

Hi,

You will need to report your foreign rental income on a SA106 Foreign supplementary page. You will declare your share of total rents received before deductions and share of allowable expenses in the relevant boxes. You can see more information of how to complete the SA106 and what you can claim as expenses here: 

Foreign notes (2022-23)

If you have been charged to tax by the Hong Kong tax authorities then you may also be able to claim relief if a Double Taxation Treaty exists. You can see guidance here: 

PIM4702 - Rent from property outside the UK: Income Tax (IT)

Relief for Foreign Tax Paid 2023 (HS263)

Thank you.

Hi,

If you are receiving income from a property you own then this would be deemed rental income and as such taxable. Rent a room would not apply in this case. You can see guidance here:

HS223 Rent a Room Scheme (2023)

HMRC cannot advise on your own financial arrangements/agreements.

Thank you.

Hi,

If you have savings interest and dividends included in your tax code you will still need to declare the details on your Self Assessment tax return. You will get the benefit of your savings allowance in the calculation, so if below the threshold you would not be taxed. 

Thank you.

Hi,

Combined UK and foreign dividends below £2000, are not subject to tax. They will appear in the calculation as being taxed at 0%.  

This remains the case whether you pay higher rate tax or not.

Thank you/

Hi,

You will not be chargeable to tax if your shares cease to be subject to the plan because you ceased employment through a change in control or sale of the company you work for. You can see guidance here:

HS305 Employment-related shares and securities — further guidance (2023)

Tax and Employee Share Schemes

Thank you.

Hi,

An Exchange Traded Fund (ETF) is a form of Collective Investment Scheme and contains a pool of investments, the scheme property, derived from the contributions of investors. The pool of investments is divided into equal portions called shares, and investors hold a number of shares depending on how much they have contributed.  

There are three types of asset class, equitites, which are subject to dividend tax, bonds that are subject to Income Tax and commodities which are subject to Capital Gains Tax. On disposal, all three classes are subject to Capital Gains Tax.  

Where tax relief is being claimed for overseas tax deductions, the tax return supplementary page SA106, should be completed along with the tax return.

Thank you.