HMRC Admin 19 Response
-
RE: UK income tax on periodic pension payments received from Canadian RRIF
Hi,
Per the guidance below, where a UK resident makes a lump sum withdrawal from an RRSP or an RRIF, Canada imposes a 25 per cent withholding tax. No tax credit relief is allowable in the United Kingdom in respect of the tax withheld, however, because the Canadian tax is imposed upon the lump sum withdrawal, which does not itself give rise to a tax charge in the United Kingdom, whereas any UK tax charge is on the disposal of assets held within the Plan or Fund to enable the lump sum to be withdrawn, and no tax is levied on the disposal of fund assets in Canada.
The Elimination of Double Taxation Article (Article 21) obliges the United Kingdom to give credit for Canadian tax paid only against UK tax computed by reference to the same profits, income or chargeable gains by reference to which the Canadian tax is computed. Since no UK tax is computed by reference to the subject of Canadian tax,that is, the withdrawal, no tax credit relief is allowable.
Similarly, where the disposal of fund assets to facilitate a withdrawal gives rise to a UK tax charge, no tax credit relief is allowable since the disposal does not attract a tax charge in Canada.
DT4605 - Double Taxation Relief Manual: Guidance by country: Canada: Notes
Thank you. -
RE: Gifting US shares to children
Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: Personal Savings Allowance
-
RE: Unable to register for self employed sole trader. Filled in CWF1 form says it is wrong
Hi,
We are sorry to hear about the issues you have experienced in trying to register for self employment using the form CWF1. Please contact our Self Assessment team so we can register you for self employment.
Self Assessment: general enquiries
Thank you. -
RE: Foreign income
-
RE: I have made gains on share sales in 23/24 but also losses. overall gain is £5000
Hi,
You do not need a return, but you still need to report them as in year losses must be used first, even if that means you lose out on the annual exempt amount. You can send a computation to us at:
HMRC,
PAYE & Self Assessment,
BX9 1AS
Thank you. -
RE: Rules applying to gifting a property
Hi,
You will need to contact our Inhertance Tax team for advice.
Inheritance Tax: general enquiries
Thank you. -
RE: Capital Gains Tax Crypto Loses
Hi,
If you want to use it at a later date for any future potential capital gain, yes, you would need to send a letter with a computation to us:
HMRC,
PAYE & Self Assessment,
BX9 1AS
Thank you. -
RE: Taxation of spousal maintenance + share of matrimonial assets from abroad
Hi,
The spousal support is not taxable income.
For the transfer of the home, you can see guidance here:
HS281 Capital Gains Tax civil partners and spouses (2024)
Thank you. -
RE: Foreign Capital Gain remitted and Form SA108