HMRC Admin 19 Response

Hi,

If you supply services under the general rule to overseas companies then these would be classed as outside the scope of VAT. However, the supply would still be reflected on your UK VAT return as a net supply in box 6.

You can see guidance below, specifically section 3.7

How to fill in each box on your return

If you sell goods within other countries and these goods are not in the UK at any time then these are outside the scope of VAT and would not appear on the UK VAT return.

Thank you.

Hi,

The gain from the policy will be added to your other income and taxed accordingly.  

Income Tax is charged at the rates of 20%, 40% and 45%, so the rate of tax will depend on your income level. Foreign chargeable event gains do not get basic rate tax treated as paid on them.  

You may also reduce the chargeable gain for periods where you were non resident. For future reference you might want to consider the guidance here:

IPTM3700 - Foreign policies: differences in treatment

IPTM3730 - Foreign policies: reduction for non-UK policyholder

Thank you.

Hi,

Without knowing exactly what the investment is, it is difficult to say but it sounds like you would still be within the chargeable events regime if you still has the same policy with, perhaps underlying investments within it. You would need to consider if anything you do, changes the policy or creates a chargeable event. You can see guidance on chargeable event gains here:

HS321 Gains on foreign life insurance policies (2023)

IPTM3400 - When events occur: general

Your insurance company would be able to confirm if this is the case so you should check with them. If not then you would consider it when the policy matures. You would get a chargeable event certificate in any event. 

Thank you

Hi,

As a UK resident with foreign capital gains, you should register for Self Assessment and report any capital gains that arise. You can see guidance here:                    

Tax on foreign income

Thank you.

Hi,

If your gross trading income for those two months is above £1,000 you will be required to file the return. if it is less then you can request removal from Self Assessment.

Thank you. 

Hi,

Only contributions to your own SIPP would count.

Thank you.

Hi,

You would show only the figures the 100 RSUs were disposed for and their cost, to arrive at the gain.

Thank you.

Hi,

Non resident individuals can be expected to complete a Self Assessment tax return, if they meet the necessary criteria. They will be taxable on UK sources of income / gains, but not foreign sources.  

For non residents of the UK, their income / gains outside of the UK are not taxable in the UK, so a SA106, would not be required.

Thank you,

Hi,

As the payment is from your employer, the income should be shown in the employment section if it is included in your P60. You would then claim credit for the tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.

If it is not included in your P60, please include it in the box on the employment page for 'Tips and other payments not included on your P60'.  

ERSM20193 advises that when RSUs payout at the market value on what is called "dividend equivalents" in either cash or shares, such payments will generally be taxed as earnings in the year they are received. You can see guidance here:

ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents

Thank you.

Hi,

Yes, the boxes on the tax return are summary figures of your gains / losses. You can attach a pdf file with a breakdown of the transactions, to support the figure declared in your return. Just before you submit your tax return, you will have the option to add pdf documents.

Thank you.