HMRC Admin 19 Response

Hi,

It means that we would amend your tax code during the current year to collect any additional tax due based on the amount declared on the 2022/23 return.

Thank you.

Hi,

If you contact our Self Assessment team using webchat or telephone we can look into this for you.

Self Assessment: general enquiries

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Hi,

UK Residential property disposals are taxed at the lower rate of 18% and the upper rate of 28%.

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Hi,

The guidance below advises that an individual will have an accommodation tie for a tax year if they have a place to live in the UK and it is available for a continuous period of 91 days or more and they spend 1 night there during that tax year, or, if it is the home of a close relative, they spend 16 or more nights there during the year.

Your wife living in her home does not count as an accommodation tie for you. However, if you meet the criteria in the following guidance you will have an accommodation tie.

RDRM11550 - Residence: The SRT: Accommodation tie

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Hi,

You can see guidance here:

Tax on foreign income

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Hi,

Due to the amount involved there would not be any penalties.

Any interest charged would be based on the date the credit is shown on your account which covers the amount due.

If you have a query regarding the position of the item you will need to progress chase this with our Self Assessment team:

Self Assessment: general enquiries

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Hi,

As the disposal will not be at arms length, because you are transferring a share of the asset to your son, you will need to obtain the market value for the property at the time of the transfer of 25% to your son. As the property is jointly owned, both you and your wife will need to perform separate calculations.

To do this, split the acquisition costs and the market value 50/50. Work out 25% of the acquisition cost and the market value, for example, £100000 split 50/50 is £50000 at 25% = £12500. £200000 split 50/50 is £100000 at 25% = £25000. Buying and selling costs should also be apportioned.

There is a calculator to help you work out the amount of gain and the tax payable.

Tax when you sell your home

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Hi,

The address can be seen in the following link:

Self Assessment: general enquiries

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Hi,

If you are resident in the UK and you sell a property in Hong Kong, you will pay tax in Hong Kong on the disposal. You will also need to declare the disposal on a Self Assessment tax return, as you may also be liable to capital Gains Tax in the UK.  

After using the official exchange rates in force at the time of acquisition and disposal, you would follow HMRC guidance to calculate if a gain arises. If it does, it is reported on SA108, capital gains, and SA106, foreign, where you can claim a foreign tax credit for any tax paid in Hong Kong on the disposal.  

Capital Gains Tax

Tax on foreign income

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Hi,

In the UK, tax and National Insurance contributions are separate although they are both collected by HMRC.  

National Insurance contributions (NIC) are what counts towards entitlement to Social Security benefits including State Pension. If you are living and not working in the UK, you may be entitled to pay voluntary NIC.  

You will need to be registered for UK National Insurance numbers if you are actively seeking employment or self-employment in the UK. You can see information about National Insurance in the UK here: 

National Insurance: introduction

You should submit your Self Assessment returns separately.

Thank you.