HMRC Admin 20 Response

Hi congliu.uk,
Please see the guidance at Lifetime ISA.  It does not specify market values or sale prices.  
As long as the cost to you is below £450000, you meet that part of the criteria.  
The other criteria are you buy the property at least 12 months after you make your first payment into the Lifetime ISA, you use a conveyancer or solicitor to act for you in the purchase - the ISA provider will pay the funds directly to them and you’re buying with a mortgage.
Thank you.

Hi Harvey Greener,
As jointly owned, yes you both need to declare a gain.
Please note, you cannot deduct the mortgage outstanding as an expense.
You will need to get an official valauation from 2015, this can be done via an estate agent.
Tax on the gain is due at 18% or 28% depending on your other taxable income.
Thank you.

Hi Xelos,
Please refer to Employment Status Manual ESM4151 - Particular occupations: examiners - status to see if you fall under a self employed category in order to be allowed to claim this.
Thank you.

Hi Km2024,
As the money is paid to him, this brings the turnover above the £1000 limit and a tax return will be reqauired.
Te money he then pays to you will be classed as wages that are paid out to reduce any profit.
You will then need to declare the wages you receive as income too, in a tax return.
Thank you.

Hi Gwyndy,
As long as the losses are reported within 4 years of them arising, they can be carried forward indefinatley.
Thank you.

Hi Execqueries,
Please have a look at the guidance at Double Taxation Relief Manual DT4605 - Double Taxation Relief Manual: Guidance by country: Canada: Notes.
Thank you.

Hi sk8yutaro
If sold after April 2024 there may be a charge to pay as you will no longer be entitled to private residence relief.
Thank you.

Hi Titch3,
We cannot comment on scenarios, only provide general information / guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our webchat facility at Contact HMRC or seek professional advice.
Thank you.

Hi milju,
If you continue to be employed by a UK employer, while resident in Switzerland (or any other country for that matter) you should complete online form P85, to report that you have left the UK.  
You also have the added benefit of confirming that you continue to be employed by a UK employer.  
This will allow HMRC to advise your employer to stop deducting income tax from your earnings, as your earnings will be taxable in Switzerland.  
Get your Income Tax right if you're leaving the UK (P85)
Thank you.

Hi Anastasiya Komarova,
With the higher rate tax threshold being £50,000, some of the income at your second job will be liable for 20% tax, and some will be liable for 40% tax.
This can be tricky for the code used at a secondary employment to work out, so the tax due at 40% at your second job is actually collected through your first job.
This is done by reducing your tax free allowances, via an 'Adjustment to Rate Band'.
To confirm if the adjustment made to your primary code is correct, contact us by webchat or phone via Income Tax: general enquiries.
Thank you.