HMRC Admin 20 Response

Hi CB24300 Dodson,
Not all pensions are tax free in the UK. please refer to Tax on your UK income if you live abroad to see if yours is exempt and if so complete the double taxation relief form.
Thank you.

Hi cpliu338 Liu,
No, please refer to guidance at HS321 Gains on foreign life insurance policies (2024)
Thank you.

Hi Milo1998,
The basic rate band was £37700.
As you claimed pension relief this tax band was increased by £19659 making the tax band now £57359.
This increase gives you the relief due on the pension contributions.
Thank you.

 

Hi Kazim116,
When the 2022/23 P11d was received and a taxable benefit was declared then your tax code for 2023/24 would have been updated to include the taxable benefit as an estimate going forward. The 2022/23 tax year would be reviewed through your Self Assessment and the P11d benefit information would be declared on that tax return. 
Thank you.

Hi, wongjtax3664,
Please refer to guidance at HS321 Gains on foreign life insurance policies (2024) on how to report this.
Thank you.

Hi alextfchan,
If you have a written contract with your Hong Kong based employer, then you are an employee.  
In a self assessment tax return, you would declare this income in the employment section (SA102) and the employment/self employment section of the foreign sections (SA106).  
If you do not have an employment contract, but will be working freelance, then you would declare the foreign income in the self employment section (SA103) employment/self employment section of the foreign sections (SA106).  
You will need to contact the National Insurance: general enquiries for advice on paying national insurance.
Thank you.
 

Hi KM Chung,
Yes, I can confirm that you are required to report your foreign rental income if it is a loss or a profit.
Thank you.

Hi Tara Swain,
Given the circumstances you have set out I can confirm you can claim the tax free allowance for the 2nd source of property income.
Thank you. 

 

Hi Anna Evans,
There is no maximum allowable limit for relief for finance costs relating to rental property, as long as the loan was used 'wholly and exclusively' for the purchase of the property.
The loan interest and any loan arrangement fees will normally be allowable as a revenue expense.
From tax year 2017-18 over a period of 4 years, the tax relief that landlords of residential properties get for finance costs was calculated differently and so was gradually all restricted to the basic rate of income tax.
From 2020/21 tax relief is restricted to 20% of the finance costs.
More information can be found at Property Income Manual PIM2052 - Deductions: interest: overview .
Thank you.

Hi answerpls,
You have to declare the property income firstly in Poland & then in the UK for the relevant UK tax year.  
When you declare the income here you can deduct any expenses that would be allowable if the property was a UK property & let out in the UK.  
Any tax that you have already paid in Poland can be taken into account in your final tax bill.  
You declare this income & any tax already paid on it on an SA106 Foreign Page.
I have based my answer on the SA106 guidance notes.  They can be found here:
Foreign notes Tax year 6 April 2023 to 5 April 2024 (2023–24)
Thank you.