HMRC Admin 18 Response

Hi,

There is no limit to the amount of money you can transfer from an overseas bank account to a UK bank account. 

 If any of the money transferred is from income or capital gains arising in the tax year it is transferred, then that income and capital gains is taxable and should be reported on a Self

Assessment tax return.   

 If the money transferred is purely from savings, it is classed as capital and is not taxable unless they generate interest or dividends. 

These would then potentially be subject to tax. 

Further guidance can be found here: 

Tax on savings interest 

Tax on savings interest

Tax on dividends 

Tax on dividends 

Thank you.

Hi,

The emphasis is the purpose of the loan not how the loan is secured.  The capital element of the loan is not allowable but to the extent the loan is used for the rental business the loan interest

and any loan arrangement fees will normally be allowable as a revenue expense subject to the restrictions for finance costs that started in 2017-18.  Finance costs that will be restricted include

interest on mortgages, loans (including loans to buy furnishings) and overdrafts.  Other costs affected are alternative finance returns, fees and any other incidental costs for getting or repaying

mortgages and loans.  From 2020-21 the interest can no longer be claimed as a revenue expenses, just as a reduction in tax at basic rate against tax due on rental profits.  You can refer to:

Property Income Manual

as this goes into this in more detail.

Thank you.

Hi,
Thank you for your question.
A Declaration of Trust is a legally binding document that creates a trust. Most types of trust giving an interest in property to somebody who is not the legal owner now need to be registered with HMRC via the Trust Registration Service.
You can find guidance on the registration requirements and how to register here:
Register a trust as a trustee
There is also more information about what types of trust need to be registered at Trust Registration Service Manual - Types of trust that need to be registered: contents: excluded express trusts: contents: property ownership - HMRC internal manual - GOV.UK (www.gov.uk). 
Thank you.

Hi,

Thank you for your question. A Declaration of Trust is a legally binding document that creates a trust. Most types of trust giving an interest in property to somebody who is not the legal owner

now need to be registered with HMRC via the Trust Registration Service. You can find guidance on the registration requirements and how to register here, Register a trust as a trustee -

GOV.UK (www.gov.uk). There is also more information about what types of trust need to be registered at TRSM23050 - Types of trust that need to be registered: contents: excluded express

trusts: contents: property ownership - HMRC internal manual - GOV.UK (www.gov.uk). There is no capital gain when a property is transferred between a husband and wife. Claim for interest

relief can only be made by the person that takes out the loan and pays the interest on the loan. Please see:

Savings and Investment Manual

Thank you.

Hi,

1) Yes you can put an entry in boxes 44 and 45 but not boxes 24-29, box 30, and boxes 32 to 36.  The guidance is here:

UK property notes (2022)

2) No if you claim the property allowance you are not also allowed to claim individual expenses.  

3) Mileage expenses would go in box 29 so are not allowed when you claim the property allowance.  They can be calculated as by using the actual cost method or the fixed rate mileage

allowance.  The guidance is here:

Property Income Manual

Thank you.

Hi,

Cyprus has the right to tax your property income from your property in Cyprus.  Please record any tax paid in boxes C and 28 on page F4 of the Foreign income pages.  That way HMRC in the

UK can take into account any tax that you have already paid. This is then offset against any potential tax due in the UK.  I am not qualified to answer any questions on VAT.   Please phone our

VAT Helpline on VAT: general enquiries

Thank you.
 

Hi,

If you are not renting out your UK property you will not need to declare this to HMRC.

Thank you.

Hi,

 If you are not renting out your UK property you will not need to declare this to HMRC.

Thank you.

Hi,

A deed of assignment is a legally binding agreement and as such it needs to be drawn up by a legal professional. There is no deed of assignment form on GOV.UK

Thank you.

Hi,

You need to register for Self-Assessment if your income from savings and investments is over £10,000 in the financial year.  

You can find further information here:  

Tax on savings interest

Tax on savings interest: How much tax you pay - GOV.UK (www.gov.uk) 

Thank you.