HMRC Admin 19 Response
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RE: Exchange rates for Capital Gain calculations
Hi,
You would use the exchange rate in use at the time of acquistion and disposal, not when you changed the currency. For capital gains purposes, it is the cost of the share, when it was bought. The cost of converting the currency is not part of capital gains. You have to bear the brunt of the gain or loss on that exchange yourself.
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.
Thank you. -
RE: Pension refund
Hi,
No, you do not need to declare this refund.
Thank you. -
RE: self assessment tax return / foreign pages
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RE: PAYE Payroll only income and Self Assessment once leaving UK
Hi,
If you are resident in Itay, when working for your Italian employer, you would only declare this income in Italy.
Thank you. -
RE: Reporting US capital gains
Hi,
For UK Capital Gains Tax purposes, you would use the market value of the shares at the date you inherited them and then convert to GBP sterling. The market value would be deducted from the disposal value of the shares. This will allow you to work out the gain or loss arising from the disposal.
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.
Thank you. -
RE: Negative Value Claim SIPP
Hi,
You can see the latest guidance on negligible value claims here:
Negligible value claims and Income Tax losses on disposal of shares (Self Assessment helpsheet HS286)
Thank you. -
RE: Self assessment section 104 holding calcs
Hi,
If you are completing an online tax return, you could save the document as a pdf file and attach this, alternatively, you can attach a summary of the document and retain the more detailed version, should we ask for it.
Thank you. -
RE: CGT liable on sale of foreign currency in brokerage or bank account?
Hi,
The address to write to is:
Pay As You Earn and Self Assessment,
HM Revenue and Customs,
BX9 1AS
Thank you. -
RE: Challenging an HMRC decision
Hi,
Please either put your request in writing addressed to:
HMRC,
BX9 1AS
Or alternatively, contact our Self Assessment team.
Self Assessment: general enquiries
Thank you. -
RE: Frequency of a Trivial Benefit
Hi,
Please see the examples below, example E:
EIM21865 - Particular benefits: exemption for trivial benefits – conditions to be satisfied - the cost of the trivial benefit (from 6 April 2016)
In this case as the drinks provided are for the same reason each time then they are counted as one single benefit over the year and if this goes above £50 in total then it is not considered as a trivial benefit.
Thank you.