HMRC Admin 19 Response

Hi,

The Bank of England does not quote the closing rate from the London Stock Exchange, which is why it cannot be used.  

As long as the rate is the closing rate, it can be used. An example of this is a national newpaper, that is quoting the closing rate for the day before. You can also use the official exchange rates here:

Exchange rates from HMRC in CSV and XML format

Thank you.

Hi,

You will need to review the guidance on residence at RDR1:

Tax when coming to the UK

and apply the residency tests at RDR3:

RDR3 Statutory Residence Test

If you are considered resident in the UK, then you will need to consider if split year treatment applies. The only way to claim split year treatment, is to submit a Self Assessment tax return, SA100, SA109 (residence) and any other appropriate supplementary pages. The paper versions can be found here:

Self Assessment tax return forms

Thank you.
 

Hi,

As a resident of the UK, you are taxed on your worldwide income and gains. This includes interest from accounts overseas, no matter whether they are not subject to tax in that country. Article 12(1) of the UK / France double taxation agreement, advises that interest arising in France and beneficially owned by a resident of the UK, shall be taxable only in the UK. You can see the information here: 

UK/FRANCE - DOUBLE TAXATION CONVENTION

Thank you.

Hi,

Income tax is calculated first, before Capital Gains Tax is calculated. Any of the unused basic rate band can then be applied against the lower rate of Capital Gains Tax.

When you declared the income using the online service, your Income Tax liabilites, such as employment, self employment, partnership and property income, would be estimated. Now you are submitting your tax return, those figures are accurate.  

For more Capital Gains Tax to be payable, would mean that the income declared on the tax return is higher than on the online capital gains service, so less basic rate is available to apply to the lower capital gain, increasing the amount taxed at the upper capital gain rate of 28%.

Thank you.

Hi,

The answer is no. In the capital gains section, you show the disposal value and the costs.  

The the gain and Indian tax taken off, is shown on SA106 (foreign), so that you can claim Foreign Tax Credit Relief.

Thank you.

Hi,

Yes, you could include them as miscellaneous costs in box 29 of SA105 'other allowable property expenses'. See the notes for SA105, box 29 here:

UK Property Notes

Thank you.
 

Hi,

No, there are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

Thank you.

Hi,

You will need to report the pension in a Self Assessment tax return, SA100, and declare the gross pension and witholding tax on the SA106, foreign, page F2 and F3, or the online equivalents.  

The Canadian tax authorities deduct witholding tax and pay it to HMRC on your behalf, so when your liability is calculated, this tax is included as tax paid and can be refunded to you, if too much tax is paid.

Thank you.

Hi,

Yes, you can work remotely for a UK employer, while being a resident of Cyprus. You would need to report and pay tax in Cyrpus on the UK income.  

If you do not need to submit tax returns in the tax year you leave the UK, you should complete form P85 to advise that you are leaving the UK, but will remain employed by a UK employer. You can see information here:

Get your Income Tax right if you're leaving the UK

Thank you.

Hi,

We cannot advise you of your residency position, or whether split year treatment applies. We can only point you in the direction of the guidance, help you understand the guidance and allow you to make an informed decision.

You will need to look at cases 4 to 8, to determine if any of them apply to your circumstances. If any of them do meet your circumstances, then split year treatment is allowed.  If none of them meet your circumstances, then split year treatment is not allowed.

If you are unable to make a decision on whether split year treatment applies, you may need to consider seeking professional advice on the matter.

Thank you.