HMRC Admin 19 Response

Hi,

You should receive the Personal Allowance in the calculation unless you earned over £100,000 during the tax year as the Personal Allowance reduces by £1 for every £2 you earn above that threshold. If you contact our Self Assessment team we can discuss the calculation with you.

Self Assessment: general enquiries

Thank you.

Hi,

Based on the information provided, the sale of the gold took place before you were resident in the UK, that is, in the Hong Kong part of the split year 2022/23, and you would not therefore have to declare any capital gain arising to HMRC. Please however read the detailed statutory residence test notes to ensure that you have correctly applied the residency rules to your circumstances.                

RDR3: Statutory Residence Test (SRT) notes

Thank you.                        

Hi,

If this is being treated as self-employed rather than employed, you will need to report this income to HMRC if the earnings in the tax year exceed £1,000. You can see guidance here:

Trading allowance

Thank you.

Hi,

If you contact our Income Tax team we will be able to advise further regarding this.

Income Tax: general enquiries

Thank you.

Hi,

Guidance on Capital Gains Tax on personal possessions can be found here:

Capital Gains Tax on personal possessions

Your gain is usually the difference between what you paid for your personal possession and what you sold it for. You can deduct certain costs of buying, selling or improving your personal possession from your gain. You may be able to reduce your gain if you got between £6,000 and £15,000 for your possession when you sold or disposed of it. Subtract £6,000 from the amount you haveve received. Multiply this by 1.667. Compare this with the actual gain and you use the lower amount as your capital gain. You can seei nformation here:

Work out your gain

Once you income is taxed, whatever of the basic rate band remains, allows the same amount of capital gain to be taxed at 10%, with any remaining gain taxed at 20%.

Thank you

Hi,

As you are not able to verify your identity, you will need to complete the form here:

Request for Certificate of Residence in the UK

It will take a little longer to process.  

A possible reason that we have been unable to verify your identity, is that we have incorrect information on your records. You will need to write to HMRC, BX9 1AS, verifying your correct information such as date of birth.

Thank you.

Hi,

Expenses incurred in the purchase of a property cannot be claimed as deductions when calculating your self employed income. Such expenses are however allowable for Capital Gains Tax purposes, if, or, when the property is sold and there is a Capital Gains Tax liability. You can see guidance here:   

Expenses if you're self-employed                                

Simplified expenses if you're self-employed

Thank you.

Hi,

You can see information here:                           

Compliance checks for penalties of inaccuracies in returns or documents

Thank you.

Hi,

On the basis of the information you have provided, there is no Capital Gains Tax to pay on the sale of your Hong Kong property. The transaction would not therefore have to be reported in a Self Assessment tax return.

The transfer of funds from an overseas bank account to a UK bank account would have no Income Tax implications, unless interest or dividends are generated. You can see more information here:                                           

Tax on savings and investments: detailed information

Thank you.

Hi,

If you moved back to Hong Kong from the UK during the current tax year, you are likely to qualify for split year treatment, which you can claim by completing the residence pages of a 2023/24 Self Assessment tax return. Please also note that the remittance basis is not relevant to your circumstances. You can see more information here:                                

RDR3 Statutory Residence Test
                                                   
RDRM12030 - Residence: The SRT: Split year treatment: When will split year treatment apply

Thank you.