HMRC Admin 20 Response

Hi davidBLancs,
I can confirm that you would not get any benefit for paying voluntary class 3 National Insurance contributions for the tax year in which you reach State Pension Age.  
You may wish to check with The Pension Service to see if any further voluntary contributions may be paid for previous years.
If you have not received details about your pension then please contact The Pension Service at your earliest convenience.
Thank you.

Hi Dav Chng,
Sorry for the delay in dealing with your request to pay voluntary National Insurance contributions.  
I can confirm that you will not be penalised for our delays in replying to you and that you will be given extra time to pay any voluntary contributions if it is required.
Thank you.

Hi s t,
Please refer to the detailed guidance on company residence contained within the  International Manual INTM120000 - Company residence:  onwards.
A company is resident in the UK for the purposes of the Taxes Acts if
- it is incorporated in the UK (with certain exceptions) or
- the central management and control of its business is in the UK, and is therefore required to register the company with HMRC.
See INTM120040 - Company residence: the incorporation rule for further information on the incorporation rule.
Please also seeINTM120060 - Company residence: the case law rule - central management and control for further information on the central management
and control rule (commonly known as the case law rule). 
Thank you.

Hi Barnaby Davies,
Please refer to the guidance at Help to see if your work qualifies as Research and Development for tax purposes — GfC3.
For any further queries relating to R&D, please email the R&D mailbox on rd.incentivesreliefs@hmrc.gov.uk
Thank you.

Hi Allen88,
Please refer to guidance at: Identify tax scam phone calls, emails and text messages EnglishCymraeg,
and guidance at: Report suspicious HMRC emails, text messages and phone calls.  
HMRC do not publish mobile telephone numbers on letters, and are aware of automated phone call scams.  
Thank you.

 

Hi Jenny,
Please refer to guidance at: Corporation Tax: online filing at the end of a company’s life
Thank you.

Hi Telw12,
There is the possiblity that disposing of the property or gifting the property to your son, will result in you, your husband / wife / civil partner, being
liable to capital gains tax on the disposal / gifting of the property.
If you die within 7 years of gifting the property to your son, the property can be added to your estate for inheritance tax purposes.  
Please have a look at the guidance at
Tax when you sell property, How Inheritance Tax works: thresholds, rules and allowances and Inheritance Tax: general enquiries.  
If your son disposed of the property immediately after it was gifted to him, he may be liable to capital gains tax if the disposal value is greater than the market value of the property at the time it was gifted to him.  
There are no tax implications on the giving or receipt of cash gifts, however, if the cash gift generates income, such as dividends or interst, then the income will be taxable.
Thank you.

Hi seat68a68b,
As you gifted the shares to your parents, you may have a capital gains liability arising on the gift. If the market value of the shares at the time of gifting
them to your parents, was more than you acquired them for, after dedudting your costs, then you have a gain.  If the gain is below the annual exempt allowance, then no tax is payable.  
As your parents are now the beneficial owners of the shares, they are the beneficial owners of the dividends they generate. They will need to declare the
dividends and poetntially pay tax on them.  
If they gift the dividend to you as a cash gift, then there are not tax implications.
Thank you.
 

Hi YY WONG,
If you have declared overseas income / capital gains in a self assessment tax return and have paid tax on that overseas income / capital gains and there is a tax treaty between the UK and the other country, you can claim a foreign tax credit in your tax return for tax paid overseas.  
The new rules take effect from 6 April 2025, so cannot be applied to any tax year prior to 6 April 2025.  If an individual chooses to be taxed under the new 4-year FIG regime, they will lose entitlement to personal allowances and the capital gains tax annual exempt amount. 
Thank you.

 

Hi P B,
In generic terms, UK resident and domiciled individuals are subject to tax on their worldwide income and gains on an arising basis; this is regardless of the tax-exempt status in India. Foreign Tax Credit relief is available in respect of tax deducted at source on NRO accounts. 
Although NRE interest income is not taxable in India NRE, interest income has often been mistaken as non-taxable in the UK this is incorrect, UK tax residents are subject to UK taxation on their worldwide income and gains subject to any remittance basis claims. 
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK, can receive credit for Indian tax, even if this has not been paid as the credit relief amount is calculated through the tax spared mechanism, which deems Indian tax to have been paid at the marginal rates applicable there. (UK-India DTC notes page HMRC’s Double Taxation Relief Manual DT9553). 
Under the UK-India Double Tax Convention, NRE account interest taxable in the UK can receive credit not exceeding 15% for Indian tax even if this has not been paid. 
UK tax relief not exceeding 15% is available for ten years from the opening date of the NRE account per Article 24(5) UK-India Double Tax Convention. 
NRE interest income should be declared within an in individuals UK self-assessment return. 
Thank you.