mkcchan

Hi HMRC, I surrendered an Investment Linked Insurance policy in foreign country. There was a loss in surrendering the policy. Should it consider as income loss or capital loss? I paid the monthly premium in foreign currency for over 15 years. Which exchange rate should I use to determine the purchase price in GBP? May I use the exchange rate at the time I surrendered the policy to determine the purchase price and selling price in GBP? Is it necessary to report this case in self assessment in case this is an income loss? Pls comment. Thanks.

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.