HMRC Admin 19 Response

Hi,
We cannot advise of the tax implications of a particular transaction that has not actually occurred yet as that would be effectively giving tax advice. You can see guidance on gifts here: CG12920 - Gifts and Capital Gains Tax: introduction
Unless it is a situation where the no gain/no loss rules apply, which does not appear to be so here, then gifts are treated as taking place at market value and any computations for capital gains on the gift are made on that basis for the disposal value. That disposal value would then be the cost in the hands of the recipient of the gift. The guidance also covers reliefs available where an asset is gifted, including Hold-Over relief. Guidance on hold-over relief can be seen here: 
CG66880 - Reliefs: Gifts and Capital Gains Tax: Relief for Gifts of Business Assets
There is also the helpsheet HS295, which includes a link to the claim form, here:
HS295 Relief for gifts and similar transactions (2024) 
The guidance below covers what are qualifying business assets:
CG66884 - Relief for Gifts of Business Assets: Qualifying Assets
The criteria are set out for what constitutes a business asset that qualifies for relief under S165 TCGA92 and it is up to you to decide if the asset being gifted meets this criteria according to the particular facts. If the business asset criteria are not met, then relief may be available under the agricultural property rules which may allow relief even where an agricultural property is not used for the trade. Again it would be for you to decide if your asset meets one of the relevant conditions for it to apply.  
You may also wish to seek professional help.
Thank you.
 

Hi William Errington,
We cannot provide financial advice. You can see guidance on Private Residence Relief here:
HS283 Private Residence Relief (2024)
This guidance and the calculator below, will help you work out if there is a capital gain:
Tax when you sell property
If there is, you would have 60 days to report and pay the tax due. Please also have a look at the following guidance for having two or more properties and declaring your main residence: 
CG64485 - Private residence relief: only or main residence: two or more residences: right of nomination 
Thank you.

Hi Fei,
You would possibly be liable to Capital Gains Tax. You would need to work out how much Private Residence Relief you are entitled to. This and other allowable costs may cover your gain. If not, you also have £3000 annual exempt allowance to deduct. If this still leaves a gain, then there will be Capital Gains Tax to pay, within 60 days of the completion date. You can see guidance on Private Residence Relief here:
HS283 Private Residence Relief (2024)
and the Capital Gains Tax calculator here:
Capital Gains Tax
Thank you.

Hi,
As there is no Capital Gains Tax arising from the transfer of assets between husband and wife or civil partners, the acquisiton cost would be the probate value of the property. You would each have to work out your gain on your 50% share of the property using the disposal value, acquisition cost and other allowable costs. The guidance below has a capital gain calculator to help work out your gain. It leads on to the capital gains account which you use to report and pay any tax due within 60 day of the completion date.
Capital Gains Tax
Thank you.

Hi,
Please have a look at articles 18 and 19 of the UK/Turkey double tax agreement below:
UK/TURKEY DOUBLE TAXATION AGREEMENT
If you have relocated to Turkey and you have commenced reciept of your private pensions, you would complete the form below and declare your private pensions, including state pension:
Double Taxation: Treaty Relief (Form DT-Individual)
Please send the completed form to the Turkish tax authorities for validation. They will return the validated form to you, so that you can then send the validate form to:
HM Revenue and Customs,
Pay As You Earn and Self Assessment,
BX9 1AS,
United Kingdom
Thank you.

Hi,
To calculate UK capital gains on this disposal requires all of the values to be converted from Euro's to UK pounds sterling, using a just and reasonable exchange rate. Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates here:
Exchange rates from HMRC in CSV and XML format
and for older rates, here:
Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009
You are free to use any of the supplied rates or one of your own choosing.  
It is up to your daughter to provide evidence of the acquistion costs should we ask for it. The calculator belowhttps://www.gov.uk/tax-sell-property can be used to work out any gain.
Tax when you sell property
The disposal should be reported in a Self Assessment tax return on SA108, capital gains, and if Italian Capital Gains Tax has been paid, it should also be declared on SA10, Foreign, so that a foreign tax credit can be claimed.
Thank you.

Hi,
Yes, you can offset the loss from share disposals against your gain from residential property disposal. You would be required to submit an amended online PPDCGT from that include the loss, as well as supporting evidence of the loss, thus reducing your capital gain liability. The amendment should generate an overpayment of tax. You can then enter your bank account details and claim a repayment of tax.

Hi,
The maximum that anyone can pay into their pension scheme and receive tax relief is the lower of £60,000 annual allowance or their annual UK earned income. From 6 April 2016 your annual allowance will be reduced if your adjusted income for the tax year is more than the adjusted income limit. You can see guidance here:
Pension schemes rates
You can also see guifdance on UK earned income here:  
PTM044100 - Contributions: tax relief for members
Thank you.

Hi richard b,
You can see guidance on giving gifts here:
Rules on giving gifts
If, after reading the guidance, you still have queries, you will need to contact our Inheritance Tax team for advice.
Inheritance Tax: general enquiries 
Thank you.

Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.