HMRC Admin 19 Response

Hi,

It depends on the circumstances of each individual case. Firstly, you should check the definition of a deeply discounted security (DDS) here:

SAIM3020 - Deeply discounted securities: meaning of deeply discounted security

If your bond meets the DDS definition, please then check if it is an excluded occasion of redemption, early redemption, here:

SAIM3030 - Deeply discounted securities: occasions when redemption is ignored

If it is an excluded indexed security the profits would be taxed as capital gains. If not, the profit on disposal is charged to Income tax. You can see guidance here:

SAIM3050 - Deeply discounted securities: excluded indexed securities

SAIM3070 - Deeply discounted securities: taxation: profit on disposal

If you require more detailed help, please contact us directly as we cannot discuss complex individual cases on this forum.

Contact HMRC

Thank you.

Hi,

If you are not sure if you will do self employed work then yes you can leave the self employed record open and complete a Self Assessment at the end of each tax year.

If your self employment stops you will need to notify HMRC.

Stop being self-employed

Thank you.

Hi,

It would be declared in the tax year the payment was received. 

Thank you.

Hi,

No, a scanned version would not be accepted. 

Thank you.

Hi F L,
The Personal Savings Allowance is a 0% rate that applies to up to £1,000 of an individuals savings income, such as interest, a year. The allowance is reduced to £500 a year where an individual has higher rate income, and nil where an individual has additional rate income.
Any income from an ISA or subject to the 0% starting rate for savings does not count towards this Personal Savings Allowance.
Thank you.

Hi Nwils,

1. The interest would be taxed in the tax year it was made available to you.
2. You can complete the 2023/24 tax return but if you do not meet the criteria for the tax year it can be cancelled in Self Assessment and reviewed through your PAYE records.

Thank you.

Hi,

It should not make any difference as the repayment would have been calculated on the income for the tax year. 

Thank you.