HMRC Admin 18 Response

Hi,

Please contact the Inheritance Tax team for advice. See link below:

Inheritance Tax: general enquiries

Thank you.

Hi,

Please refer to guidance at:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.

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.
 

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.

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.



 

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.
 

Hi,

If it shows as issued it will be in the account within 10 working days.

Thank you.
 

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.
 

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.

Hi,

The double taxation agreement between the UK and Hong Kong, advises that pensions and other similar remunerations, arising in Hong Kong and paid to a resident of the UK, are taxable only in Hong Kong.  For this reason, it should not be included in your self assessment tax return.

Thank you.