HMRC Admin 20 Response
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RE: Redundancy paid into pension directly vs. voluntary contribution
Hi,
We only provide you with links to the guidance.
You will need to speak to your pension provider about how to pay extra into your pension.
Thank you. -
RE: Pension enquiry
Hi,
After you have flexibly accessed your pension scheme the tax free amount payable into your pension scheme is £10,000 in 24/25.
Pension schemes rates Money purchase annual allowance.
Thank you. -
RE: Gifting money from the UK to children in Australia
Hi,
No.
There are no UK tax implications for giving or receiving cash gifts.
Thank you. -
RE: CGT on Performance Shares
Hi,
Restricted Stock Units (RSU's), are a way of employers providing incentives to employees over the long term.
Please have a look at the guidance at ERSM180020 for guiance on the market value of the shares
Employment Related Securities Manual ERSM180020 - CGT Interface The market value rule.
Thank you. -
RE: Where and how to record reclaimed backdated VAT
Hi,
VAT is declared in box 30 of SA103F (SA103F Self-employment (full) 2023).
Box 30 Other business expenses note (SA103F Notes 2024) advise trade or professional journals and subscriptions, other sundry running costs and net VAT payments
• transitional adjustments if you’ve left cash basis Payments to clubs, charities or political parties, any non-business part of an expense and the cost of ordinary clothing are disallowable expenses.
If you include them here, you’ll also need to put the costs in box 45.
Thank you. -
RE: CGT of married couple for main residence
Hi,
A married couple or civil partners can declare capital gains as a 50/50 split by default, regardless of the legal ownership share.
The only other share that can be applied is the legal share of the asset.
Tax when you sell your home
Thank you. -
RE: CGT on sale of foreign property
Hi,
Please have a look at the guidance at CG1550 onwards (CG15150 - Expenditure: introduction).
Usually, repairs to roof, kitchens and bathrooms are considered revenue expenditure and cannot be set agains capital gains.
Please have a look at PIM2030 (PIM2030 - Deductions: repairs: is it capital?).
Thank you. -
RE: Withholding tax paid in Qatar
Hi,
Please have a look at article 14 of the tax treaty (2009 Qatar-UK Double Taxation Agreement).
If your circumtance mean that you are taxable only in the UK, then you need to request a certificate of residence (How to apply for a certificate of residence to claim tax relief abroad) to request a repayment of the tax from the Qatari authorities.
Thank you. -
RE: Gifting Property
Hi Smallbear,
As the beneficial owner of the property and being non UK resident, you will need to report the disposal of the property, within 60 days of the completion date, to avoid penalties and interest. There is a calclator at Tax when you sell property, to help you work out if there is a taxable gain.
There are also links that lead on to registering and reporting the disposal online and how to request a paper version of the return form.
Help sheet HS283 (HS283 Private Residence Relief (2024)) will help you work out you private residence relief.
Thank you. -
RE: Reporting of residential property gain on transfer of beneficial interest
Hi,
Yes.
Once a form 17 and declaration of trust is agreed, it remains in force until the couple’s interests in the property or income change, or they stop living together as a married couple or as civil partners of each other.
This means that the declaration of trust proportions apply for capital gains purposes, should the asset be disposed of.
If a capital gain arises on the disposal of a UK residential property, then it should be report and the tax paid within 60 days of the completion date.
Thank you.