HMRC Admin 19 Response

Hi ukcitizen,

Yes, the interest will still be liable to taxation in the UK. If tax has been paid on the interest in India, you can claim tax relief in the UK but the amount depends on whate rate of tax is applied here.

Thank you.

Hi Emad Mohamed,

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. You can find further guidance here:

Tax on savings interest

Tax on dividends

Thank you.  

 

Hi,

When completing your Self Assessment tax return, you should enter, the full amount of pension received from your two pension sources and, the amount of tax already deducted from your pensions. By doing so, you will get full credit for all tax already deducted, as you will see when you check your tax calculation, which will automatically include your personal allowance of £12570.

Thank you.

Hi Taxpayer123,

We can only provide the guidance for you to make your decisions from.  

If you still have difficuties after that, then you may need to seek the advice of a financial adviser or accountant.

Thank you.

Hi,

Your employer will report this to HMRC after the year ends through the P11D.

If you wish to inform HMRC earlier than this you can do by contacting our Income Tax team.

Income Tax: general enquiries

Thank you.

Hi Myra,

As your employer has already applied for a S690 direction on your behalf,  your employer should provide the HMRC's S690 team with details of any change in your residence circumstances. Your employer will then be advised how to proceed.

You should also tell the tax authority of your country of residence about any change in your residence circumstances. You can see guidance here:                                               
PAYE81510 - PAYE operation: international employments: legislation

Thank you.

Hi,

There are 4 types of ISA. You can put money into one of each kind and the total from all ISA's cannot exceed £20000 each year. You can see guidance here:

Individual Savings Accounts (ISAs)

Thank you.

Hi Taxpayer123,

Based on the summary provided your understanding of HMRC's position on the taxation of bank interest is correct. You can see guidance here:                                                                           
SAIM2440 - Interest: taxation of interest: when interest arises

Thank you.

Hi tricky,

If you opt for the interest to be paid to an account that you can access and make withdrawals, this must be declared on an annual basis. If you keep it in the same account that generates it, that is, the fixed bond, then you will declare it on maturity.

Thank you.

Hi Ice,

Any issues you are having with the service will need to be raised using the 'get help with this page' link:

Prove your right to work to an employer: get a share code

Thank you.