HMRC Admin 19 Response

Hi,

You only have one personal alowance of £12,570 for the 2023/24 tax year. To review your tax codes you will need to contact our Income Tax team:

Income Tax: general enquiries

Thank you. 

Hi,

This depends on whether you are claiming the remittance basis or not. If the account is in your name only, you would be liable for all the interest received. You can see further guidance here: 

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.

Hi,

This depends on if, or, when the matriminial home sells. You would be due Private Residence Relief for the time you lived in the property to reduce any potential charge due.

Thank you.

Hi,

Please refer to our previous answer posted on 5 October 2023.

Thank you.

Hi,

All we would require is a letter from you advising that there is an underpayment of tax as the wrong amount of foreign tax credit was claimed and the tax year that it referes to.  

If the tax return is an indate return, 2021/22 and 2022/23, we can amend the tax return for you. You can also amend those tax returns yourself, by logging into your personal tax account and selecting the appropriate tax return.  

For tax returns that are older than 2021/22 and 2022/23, we can recalculate your tax liability and issue a discovery assessment to request the extra tax due.

Thank you.

Hi,

The remittance basis charge (RBC) is Income Tax, Capital Gains Tax, or a combination of both, charged on unremitted foreign income or gains on the arising basis. When you pay the RBC you must tell us on what income or gains the RBC is chargeable by nominating the appropriate income or gains. You do this by putting the amount of nominated income in box 34 or the nominated foreign gains in box 35. You tell us about your nominated income and gains in the ‘Any other information’ box, box 40.  

To work out the amount of nominated foreign income, you must convert the income into UK pounds using the exchange rate at the time the income arose. If you are not sure, you may want to speak to a financial adviser.  

If you are calculating your own tax, include the Income Tax or Capital Gains Tax elements of the RBC in your total tax amount. If you are using the ‘Tax calculation summary’ page add either £30,000 or £60,000 to the amount in box 1.  

Do not forget to show the loss of allowances and annual exempt amount in your tax calculation.  

If you are liable to pay the RBC you must put a nominated figure of at least £1 in either box 34 or 35.

Thank you.

Hi,

Yes, you can claim these if they have been paid by you and not the tennant.

Thank you.

Hi,

You can see guidance here:

HS321 Gains on foreign life insurance policies (2023)

You will need to send the certificate to HMRC for any liability to be confirmed.

Thank you.

Hi ArthurW,

If you sold your share for more than £49200, then you will still need to declare it, unless this was your main residence prior to arriving in uk.

Each individicual needs to report their own taxes so if a return is required, you will both need complete one.

Thank you.

Hi,

If claiming the remittance basis he does not need to report the income but will still need to complete a tax return to show that he is doing this. You can see guidance here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.