HMRC Admin 19 Response
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RE: Gift of overseas property
Hi,
If the house is gifted, capital gains will be due once the property is sold by your wife and her sister if there is any increase in the value between the date of transfer and date of sale.
There is no Inheritance Tax in the UK but you may wish to check with the authorities in Slovenia.
If any gain is due, please refer to the following guidance:
Report and pay your Capital Gains Tax
Thank you. -
RE: Foreign Sole trader
Hi,
If you are are living in the UK, you will class this as self employment in the UK and include it within your turnover.
Thank you. -
RE: HMRC Cheque Clearance Process
Hi Nanya Obi,
If we have had prior contact with you confirming that the cheque will be returned by you to be cancelled, then it should be cancelled in due course. If you are unsure, though, and would like us to confirm the cancellation, please contact our Income Tax team.
Income Tax: general enquiries
Thank you. -
RE: Statuary Residence Test and working overseas
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RE: Tax Paid on the purchase and disposal of U.S Shares using USD
Hi,
It depends on what type of income is received. You can see guidance here:
Tax on foreign income
Thank you. -
RE: Declaration of dividends on annual self assessment form
Hi,
As the dividends are automatically reinvested by the company, you do not declare these.
Thank you. -
RE: CGT for accumulation funds
Hi,
As it is automatically reinvested by the company, you do not declare this. For the capital gains, nothing has been sold yet so we cannot comment as legislation may change.
Thank you. -
RE: Reclaiming tax from pension/annual allowance
Hi,
If you submitted your return online, you can go back in and amend the figures.
If done by paper, you will need to send a letter to:
HMRC,
PAYE & Self Assessment,
BX9 1AS
Thank you. -
RE: Pension Tax
Hi,
We cannot comment on future events as legislation and, or, plans may change.
Thank you. -
RE: CGT due on transfer of property to Non-Spouse
Hi,
No, as this has been her only and main residence for the whole period of ownership.
Thank you.