thank you very much for your reply.i have further questions which i would like to clarify.
i am NOT uk domicile, but i am a uk tax resident and NOT using remittance basis.
can i confirm which form(SA?) i should fill for
UK bank accounts
1)deposit interest from uk banks
2)dividend from public list stocks from uk bank account
3)profit and loss from public list stocks from UK bank account
Overseas bank accounts
4)deposit interest from overseas account
5)dividend from public list stocks from overseas account
6)profit and loss from public list stocks from oversea account
And i have 20 instruments for profit and loss for public traded stocks, could you advise how i can fill the form?
Among those 20 publicly trading stocks, there are 18 instruments that i would like to report p/L. and there are 2 instruments which i loss money and i would like to carry forward the loss for latter year. what should i do?
the breakdown of these 20 public traded stocks
ie 18 instruments sale proceed 180,000
18 instrument buy proceed 170,000
2 instruments sale proceed 22000
2 instrument buy proceed 24500= -2500loss
how can i fill the form to reflect 10K gain and also to carry forward 2500 loss?
thanks and regards,
I checked the government website and it said to offset the loss, it must be the same shares. Does it mean that If I lost money on Amazon, the tax credit relief must be used by the gain on Amazon only , not other stocks ?
Thank you for your reply.I have some further questions.
I am not Uk domicile but Uk tax resident. I am not using remittance basis.
As I transfer money in and out from Uk and overseas, I mix funds local and overseas. To be prudent , when I submit tax report, is it ok I put foreign income as local income ?
1) both overseas and Uk interests on sa100
2) both overseas and Uk dividend on sa101
3) both overseas and Uk capital gain on sa108
And I did pay dividend tax on some of the holdings, can I claim tax relief for that ?
Thanks and regards
I am working in a company with salary slightly higher than minimum pay. As I have other passive income such as capital gain, I would like to put more salary into pension to enjoy pension tax allowance. Confirmed with HR, I cannot put all my salary into salary sacrifice pension as I need to keep my salary as minimum pay.
I am making GBP20,000 salary a year and capital gain of GBP31,000 roughly. So total income is GBP51,000, I am thinking of two options:
1) Can i use salary sacrifice pension, putting GBP5000 a year into salary sacrifice pension and claim pension tax relief of GBP46,000(51000-5000)?(cos to my understanding, once I have salary sacrifice pension, i am NOT allowed to claim pension tax relief?)
2)I do not do any salary sacrifice pension. Instead, I claim pension tax relief ? if that is the case, the maximum of tax relief is my total income GBP51,000? or the maximum of tax relief is my salary income only GBP20,000?
thanks and regards,
Thank you so much.
Thank you for your explanation, really appreicate that.
I am a UK tax resident but NOT domicile. I am NOT using remittance basis.
Can I confirm the following regarding my overseas investment accounts which trade public stocks and bonds and options?
1) if the gross gain is 10,000, gross loss is 2,000, NET capital gain is 8,000
can I put
a)Allowable cost 10,000
b)Loss in the year as 2000
c)Disposal proceeds 8000
d)So I can carry forward 2000 as tax credit relief?
2) when I count number of disposals, the same underlying stock but options with different maturity data or strike price, do I count it as one disposal?
Thanks and regards,
how about the script fees or any other handling fees that occurred due to the dividend payment? can i reduce this amount as gross amount?
Understood, thanks for your reply.
Though I am not domicile in UK.
But at the end of the day, i will remit in my overseas income to UK. So i will NOT use remittance basis. if that is the case, does this apply?
a)For my overseas account, if foreign bank interest+stock dividend+bond interest SA100
b)For my overseas account, if foreign bank interest+stock dividend+bond interest >2000===>SA106
c)For my overseas account, capital gain from trading stocks, stock option, bonds===>SA108
thanks and regards,
Thank you very much for clarification.