HMRC Admin 19
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RE: Paying into 2 Stocks & Shares ISA in same tax year (by Mistake)
Hi,
You should check with the ISA providers. If the invalid account cannot be repaired, then the ISA must be closed.
Thank you. -
RE: How to tell is pension contributions should go on Self Assessment form
Hi,
The type of pension you have means that the pension provider will claim 20% tax from HMRC against the payments you make to your pension scheme.
If you are a basic rate taxpayer, then you are getting your tax relief in this way. If you are a higher or additional rate taxpayer, you will need to claim the extra tax relief due from HMRC yourself. You do this in your tax return if you complete one. If you do not need to complete a tax return, you submit a claim in writing, which includes supporting evidence of payments made to the pension scheme, to:
H.M. Revenue and Customs
Pay As You Earn
BX9 1AS
Thank you. -
RE: Foreign Income for Non-domiciled' residents
Hi,
As you have been in the UK for 20 years you are deemed UK resident and domiciled. You base this on your current position and not your future plans.
Thank you. -
RE: 2022/2023 Income Tax not yet calculated... still
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RE: Purchase of a Vans as sole trader
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RE: Can’t find the location to fill in a return
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RE: Savings starter rate vs marriage allowance
Hi,
No, the starter rate is for investments. You can see guidance here:
Income Tax rates and Personal Allowances
Thank you. -
RE: Tax on re-invested dividends (or interest) in accumulation units (unit trusts)
Hi,
You can see guidance here:
IFM03350 - Authorised investment funds (AIFs): taxation of investors within the charge to IT: distributions
CG57707 - Unit trusts: accumulation units
The first link provides an answer to the questions on the taxation of dividend and interest distributions. As you can see, these should be declared in the same way as any other dividend and gross interest payments. In this case, the payments will have been made from an overseas unit trust and should therefore be declared on the appropriate sections of the foreign income pages.
The units in the unit trust are treated as if they are shares in an ordinary company. The capital gains treatment of accumulation units is that when notional distributions, as described at CG57707, are received and are subject to Income Tax, the amount of those distributions will be allowable additional expenditure in a capital gain computation following a future disposal. As stated, this treatment applies to both UK resident and non UK resident trusts.
Thank you. -
RE: Self assessment - queries on pensions from foreign country
Hi,
No, you do not declare it as income. You can put a note in the comments to say you receive this but its not taxable under the terms of the DTA.
Thank you. -
RE: QCB qualifying corporate bond Inquiry
Hi,
US government bonds, sometimes known as T-bills or Treasury Bills are generally taxed as income rather than capital gains. The return is paid at maturity rather than regular interest payments. In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity.
On a foreign investment the income is the difference between the purchase and redemption price after each has been converted to sterling on the day the transactions took place, so includes any foreign exchange gains. Losses cannot be deducted.
You can see more information here:
SAIM3010 - Deeply discounted securities: introduction
Thank you.