HMRC Admin 19 Response
-
RE: Can I gift my pension tax free lump sum to my children?
Hi,
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. Further guidance can be found here:
Tax on savings interest
Tax on dividends
Inheritance Tax is a tax on the estate, property , money and possessions of someone who has died.
There is normally no Inheritance Tax to pay if the value of the estate is below the threshold of £325,000.
Inheritance Tax is only due when a person's estate is worth over £325,000 when they die, or if the person who died gave away more than £325,000 in gifts in the 7 years before they died.
Gifts made in the last 7 years before someone dies, use up the £325,000 tax free allowance first, but if the gifts received are less than the £325,000 Inheritance Tax free allowance, any unused threshold can then be used by the estate of the person who has died.
If the person who died owned their home, or a share in it, the tax free threshold could be increased to £500,000.
You can find out more information here:
Work out Inheritance Tax due on gifts
Thank you. -
RE: Taxed at BR instead of PA by Former Job
Hi,
To claim any tax due back after leaving the UK you need to complete the form P85 which you can find here:
Tax if you leave the UK to live abroad
Thank you. -
RE: Amount to declare interest/dividend for Apr 2024
Hi,
If you do not know or are not notified of the correct amount of bank interest to enter in your return, please ask your banks and building societies to confirm the correct figure for you.
Thank you. -
RE: nominating principle residence
Hi,
It is likely that your letter is still in the queue to be dealt with. You can contact our Income Tax team to progress chase your letter.
Income Tax: general enquiries
If we did not recieve it, you can write us and mention that you have written previously to record details of your main residence:
H.M. Revenue and Customs,
Pay As You Earn and Self Assessment,
BX9 1AS
Thank you. -
RE: Cannot deregister UTR - please help
Hi,
If your record is still showing as being open, then you will need to contact our Self Assessment team to review.
Self Assessment: general enquiries
Thank you. -
RE: Canadian source income - how to avoid double taxation?
Hi,
You should contact the Canadian Revenue Service with a view to amending your tax return for that year.
Thank you. -
RE: Maintaining UK Resident Status
Hi,
You will need to review the guidance and take the statutory residence tests below to determine your tax residence status in the UK.
RDR3 Statutory Residence Test
Thank you. -
RE: Capital Gains Tax on the sale of a house inherited in India
Hi,
When it comes to calculating the capital gain, it is the disposal value minus allowable costs. Allowable costs are the inherited value and the disposal costs such as solicitors fees, estate agent fees and auctioneer fees. What remains is the chargeable gain. You can use the calculator below to work out your gain:
Tax when you sell property
Please note that all of the figures used in the calculation, must be in pounds sterling. 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.
Please note that the disposal must be reported in a Self Assessment tax return.
Thank you. -
RE: Can I claim train expenses when travelling for training?
Hi,
Unfortunately, it is not possible to review personal matters in this forum. For individualised assistance please contact our Self Assessment team for advice.
Self Assessment: general enquiries
Thank you. -
RE: Definition of Gains and Losses in SA108 Boxes 26 and 27
Hi,
Unfortunately, we are unable to offer further interpretation of the guidance provided on GOV.UK.
As per our terms and conditions, we are unable to provide specific or tailored advice. The HMRC Customer Forum is for general queries only and is intended to help our customers self-serve.
Customers with more complex enquiries often engage the services of a professional advisor or accountant and this may be something you wish to consider.
Thank you.