mkcchan

Hi, I have to travel to overseas to finalise the selling of my property. May I consider all those related travelling costs as an expenses in calculating capital gain tax? Pls comment. Thanks.

Hi, I received cash back from Topcashback. Do I need to report this as an income in my tax return? Or, the cash back is just considered as a discount in my purchase. Pls comment and clarify. Thanks.

Dear HMRC Admin, Thanks for your reply. Which exchange rate should be used to convert the foreign tax into GBP? May I use the average exchange rate of the month (published by HMRC) that I got the notice of assessment? For example: If I got the notice of foreign tax assessment in August 2023, I use the average exchange rate in August 2023 to convert the foreign tax amount into GBP. Pls comment. Thanks again.

Hello, I received a Notice of Assessment from foreign tax office but the tax has not yet been paid. May I use the assessed tax amount to apply for foreign tax credit relief? Pls comment. Thanks.

Dear HMRC Admin, Thanks for your reply. May I use the "yearly average exchange rate" for each monthly investment in every year? I mean to use the yearly average exchange rate for each month in the same year. Pls comment. Thanks.

Hi, I have a monthly investment plan for a unit trust fund for over 15 years. What exchange rate(s) should I use in calculating the purchase price in Sterling Pound? Pls comment. Thanks.

Dear HMRC Admin, Thanks for your reply. I am not sure if I catch the meaning of your reply clearly. Do you mean I don't need to report the gain as capital gain from that investment linked insurance policy when it is surrendered? How should I report the gain? Is it treated as an income? Pls comment. Thank you.

Hello, I had an investment linked insurance policy purchased for over ten years and I paid monthly premium in foreign currency. What exchange rate should be used in determining the total buying cost in CGT calculation? Pls comment. Thanks.

Dear HMRC, I have a property advertised for letting for a long time and only let out successfully until in the last 3 months of the tax year. May I claim all property expenses in the entire tax year? or Should I only claim the expenses in that 3 months? Pls comment. Thanks.

Dear HMRC, I would like to clarify the definition of non-residential property. I have a carpark space in a residential building that was purchased under an independent contract/deed (separated from the residential apartment in the same building). Is the carpark space considered as non-residential property under this criteria? Pls comment. Thanks.