HMRC Admin 18 Response
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RE: Overseas Work Day Relief, Remittance and Correspondent Banks
Hi,
The rules on the remittance basis are complex. You would need to review the guidance at:
Residence, Domicile and Remittance Basis Manual
Thank you.
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RE: Interest income - when do the interest arise
Hi,
The interest will be taxable in the year it arises, if you are able to access the interest, eg withdraw it from the account. If the account is an ISA, there is no tax liability on the interest. If the account has restrictions that prevent you accessing the interest, until a set period of time has passed eg, 3 years, the interest would be taxable when you can access it, say after that 3 year restriction had lapsed.
Thank you. -
RE: Any declarations/forms for inheritance received from non-domiciled parent?
Hi,
No. The deceased's estate is entirely overseas, so no tax is payable by the estate in the UK. The UK beneficiary of the estate, has no tax to pay on anything they inherit, so have nothing to declare. However, if the UK beneficiary disposes of assets they inherited, then there may be capital gains tax to pay in the UK where the disposal value is greater than the inherited value.
Thank you. -
RE: Taxation Of Inherited IRA
Hi,
Please contact the Inheritance Tax team for advice:
Inheritance Tax: general enquiries
Thank you. -
RE: Cash Gifts and Tax
Hi,
Please contact the Inheritance Tax team for advice:
Inheritance Tax: general enquiries
Thank you. -
RE: Foreign property income
Hi,
So that the foreign property profits can be brought into the tax calculation, you will need to declare the property income and expense on SA105 or in the online property income section.
As you will have paid foreign tax on the property income, you would also complete the foreign section, to work out how much foreign tax credit relief is available.
Thank you. -
RE: Foreign interest income
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RE: Tenancy stopped, compensation received for lost rental income
Hi,
Yes this is still classed as rent as it is seen as a payment in kind -
Property Income Manual
Thank you. -
RE: tax on resettlement gift/grant for expat
Hi,
The unearned income will be added to her other sources of income in the tax year and the tax year has ended, her liability calculated. If any tax is overpaid, then it will be refunded.
Thank you.
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RE: Dual tax UK/NZ residency - Will I my QROPS be taxed in the UK?
Hi,
HMRC cannot comment on future events as legislation and or plans may change. For current guidance please refer to:
Transferring your pension
Thank you.
