HMRC Admin 18 Response

Hi,

Capital gains tax in the UK, only arises on the disposal of the asset.  You would need to consider your capital gains tax liability then.  Your father will need to consider the rules in Hong Kong

for gifting 50% of the property to you.  We cannot advise on this aspect.

Thank you.
 

Hi,

We can only refer you to the guidance on residence.  It is up to you to decide whether case 4 applies to your circumstances.  If split year treatment applies, then you only need to declare that

split year treatment applies and the dividends arising after the split, where the dividends are taxable.

Thank you.

Hi,

We can only refer you to the guidance on residence.  It is up to you to decide whether case 4 applies to your circumstances.  If split year treatment applies, then you only need to declare that

split year treatment applies and the dividends arising after the split, where the dividends are taxable.

Thank you.

Hi,

Please have a look at the guidance at:

Individual Savings Accounts (ISAs)

and contact your ISA provider for more information.  

Thank you.

 

Hi,

No.  The maximum in any tax year is £20000.  If you have already utilised all of this allownace you cannot save any more in that tax year.

Thank you.

Hi,

If anything is missing from your return, you should see advisory messages detailing which parts of the return still need completing. If you do not see any advisory messages, our system will

allow you to submit your return, confirming it fully complete. After your return is submitted, you can reaccess your return wherever you filed it, and amend and update as you require.

Thank you.

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. 

Have a look at:

Savings and Investment Manual

for more information." 

Thank you.
 

Hi KnL Chan,

When you arrive in the UK, you will be, by default, taxable on your world-wide income in the UK as agreed in the the tax treaty at:

UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL

to determine your source of income will be taxable in the UK.  You will be taxable in the UK on your world-wide interest, no matter which country it arises in. 

Thank you.

Hi,

While we do not issue confirmation of receipt of post, confirmation of any amendment made to your tax return will usually be issued immediately after the amendment has been made. This

confirmation can take up to 14 days to be received, though you should also be able to see the outcome of the amendment on your Personal Tax Account shortly after your return has been

udated. If you would like us to confirm the progress of your amendment, contact us by webchat or phone via:

Self Assessment: general enquiries

Thank you.

Hi,

You will need to submit a form 17 and declaratoin of trust to amend the beneficial split:

Declare beneficial interests in joint property and income

Thank you.