HMRC Admin 18
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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.
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Re: Attention required for non-UK presence oversea employer about employee remotely working in UK
Hi.
Article 14(1) of the double taxation agreement between the UK and Hong Kong advises that salaries, wages and other similar remunerations paid to a resident of the UK, are taxable in the UK, unless the work is carried out in Hong Kong.
From the date you move to the UK, you will be taxable in the UK, on your income from your Hong Kong employer. We cannot comment on Health and safety, labour law matters in this forum. You should discuss this with your employer. You will not be taxable in Hong Kong on your employment while resident in the UK. You would need to arrange for your employer not to deduct tax in Hong Kong.
You will need to register for self assessment, so that you can submit a tax return to declare your overseas income, taxable in the UK. See link below:
https://www.gov.uk/register-for-self-assessment
Thank you.
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Self Assesmment Payment
Hi,
If it shows as issued it will be in the account within 10 working days.
Thank you.
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Re: Money transfer
Hi,
Gifts of money from children to parents have no income tax implications, but any interest or dividends generated may be taxable. See link below:
Tax on savings and investments: detailed information
Thank you.
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Re: Transferring personal money to UK
Hi,
As long as your savings are not derived from income arising while resident in the UK, there will be no tax to pay on the transfer into the UK.
We cannot advise on the method of bringing the money into the UK using an electronic c. If the money is brought in in a cash currencey (bank notes) there are limits to be aware of:
Take cash in and out of the UK
If your parent is not resident in the UK and sells a non UK property, they may be taxable on this in the country in question. You will not pay and UK tax on a cash gift.
Thank you. -
Re: Standard or higher rate of Stamp Duty
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Re: CIS payments
Hi,
You will need to contact HMRC Debt Management Team on the telephone number provided at this link HMRC Debt Management who will guide you of what needs to be done to solve your querry.
Thank you. -
Re: Marriage allowance and universal credit
Hi,
This would not result in underpaid tax. Your tax code will be lower to transfer the allowance. In terms of tax you would pay more tax but your spouse would pay less.
Thank you. -
Re: Taxable amount in decimal place?
Hi.
You will round down your figure so in this example you wil show £6522, For capital gains, if your sale does not exceed £49200 and any gain is below £12300, you do not need to report it.
Thank you.