HMRC Admin 18
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Pay in arrears
Hi,
Guidance for employers re: arrears of pay is provided at EIM02530:
Employment Income Manual ,
From the perspective of an employee who receives arreas of pay, the arrears are treated as received (and therefore taxable) in the year in which the individual became entitled to the payment, rather than when the payment was actually made. Please refer to the guidance at EIM42290:
Employment Income Manual
Thank you.
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Deed of gift: Bond Transfer and Income Tax Query
Hi,
Income tax would be chargeable on the individual who receives (or has the right to receive) any income arising from a bond. So, on the basis of the information provided, your mother will in future be responsible for reporting any income arising from the bond.
Thank you. -
Re: BNO Visa payment
Hi,
This Forum does not deal with UK Visa’s or UK Passport application. So unable to answer your question.
Thank you.
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Re: Gift tax for cash gift from overseas
Hi,
This Forum does not deal with Inheritance Tax, hence cannot respond to your question other than referring you to Inheritance Tax Team. See link below:
Inheritance Tax: general enquiries
Thank you.
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Re: Gifting / Taper relief
Hi,
This Forum does not deal with Inheritance Tax, hence cannot respond to your question other then referring you to Inheritance Tax Team for which link has already been provided to you in my earlier response.
Thank you.
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Re: Gifting / Taper relief
Hi,
Please contact the Inheritance Tax team for advice. See link below:
Inheritance Tax: general enquiries
Thank you. -
Re: Capital gain from sale of land overseas
Hi,
Please refer to guidance at:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you. -
Re: Bank Saving Interest
Hi,
It means you can withdraw/move it. Some fixed rate accounts dont let you take anything out and its these type of accounts that although you get annual interest it is only withdrawable on
maturity so in your case your interest would be declared 24/25 tax year for both scenarios.
Thank you.
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Re: Capital gains Tax after divorce
Hi,
The 2022-23 Spring finance bill received Royal Assent on 11 July 2023. It stated that separating spouses or civil partners will be given up to three years after the year they cease to live together in which to make no gain or no loss transfers.
See Section 1.9 of:
Spring Budget 2023 — Overview of tax legislation and rates (OOTLAR) Published 15 March 2023
Thank you. -
Re: date of acquisition of property for CGT if inherited from 2 owners
Hi,
If you own 100% of the property and it was inherited at 50% from parent 1 and 50% from parent 2 at a later date. In this case there would be 2 calculations.
The 50% market value on the probate should be used for capital gains purposes for parent 1 and 50% of the market value on the probate for parent 2. Add both together to work out the
inherited value for capital gains purposes. You can show the show the date of each probate, as part of your calculation to work out the inherited value.
Thank you.