HMRC Admin 20 Response

Hi groucho123,
You would normally receive an acknowledgement.
With regards to the 20/21 year, as you made a gain over the annual exempt amount this should have been confirmed by submitting a tax return
and on the return you would show that you have used some of your losses to leave a balance to carry forward.
Thank you.

Hi Har 21,
Please refer to guidance atGains on foreign life insurance policies (Self Assessment helpsheet HS321).
Thank you.

Hi Rob Hetherington,
You can open a new account via the new provider for them to do the transfer but you cannot deposit any new funds until after 6/4/24.
Thank you.

Hi wojathome,
If the return is for 21/22 or 22/23 yes you can still amend it up to 31/1/24.
Thank you.

Hi GeoffD69,
There is no legislative definition of a Lump Sum but HMRC regards these as being any non-periodic payment of a pension - That is, any non-regular payment that decreases the value of the remaining pension pot after such payment is made.
For example, the first (IRA) withdrawal is taken in year 1, the next withdrawal was made in year 5, and another withdrawal in year 7; such payments will not be regarded as periodic and will be treated as Lump Sum’s under the UK/USA DTA.
Whereas any amount withdrawn in set, periodic, frequent intervals (e.g. weekly, monthly, annually etc.) would not be a Lump Sum, but rather periodic payments.   
Article 17(2) of the UK/USA DTA provides the US with the right to tax any Lump Sum payment which is made from a US sourced pension scheme (including IRAs).
However, the UK is also permitted to tax the same lump sum payment(s), which is in accordance with Article 1(4) of the DTA – Both Article 17(2) and Article 1(4) are outlined below and, when read from the perspective of a UK resident, state:                                                                                                                                                                  
Article 17(2) - Notwithstanding the provisions of paragraph 1 of this Article, a lump-sum payment derived from a pension scheme established in a Contracting State [USA]and beneficially owned by a resident of the other Contracting State [UK]shall be taxable only in the first-mentioned State [USA].   
Article 1(4) - Notwithstanding any provision of this Convention except paragraph 5 of this Article, a Contracting State [UK and/or USA]may tax its residents, and by reason of citizenship may tax its citizens, as if this Convention had not come into effect. 
A UK resident, Article 1(4) above permits the UK to tax any US sourced Lump Sum payment received, as if Article 17(2) of the DTA was not in force or applicable – Article 1(4) effectively ‘overrides’ the provision at Article 17(2), and the consequence is that both the UK and USA can tax any Lump Sum payment received from a US sourced pension scheme.  
In these situations, double taxation will occur since both the UK and the USA can tax the same income. However, that double taxation will be eliminated in accordance with Article 24(4)(a) of the DTA which requires the UK (as the country of residence) to provide FTCR to offset the US tax correctly paid against the UK tax charged on the same the IRA withdrawal.  
Thank you.
 

Hi KB Y,
For calculating the pension tax threshold, it is only your employment, self employment and partnership income that applies.  
Interest and dividends do not count towards your pension threshold.
Thank you.

Hi neilog,
The bonus would be taxable in the tax year it arises.  
Paying it over a period of time or in one payment will not change the tax payable.
Thank you.

Hi Jane Wood,
Yes.  
It would be apportioned in the same way you would use to calculate the share for other utility bills.
Thank you.

Hi Ben Thomas,
Employee Stock Ownership Plans (ESOPs) are company share option plans in the UK.  
Please have a look at the guidance on company share option plan at Tax and Employee Share Schemes.
Thank you.

Hi mkcchan,
You have 4 years from the end of the tax year that the losses arises, to report them.  
Leave it any longer and it is too late to claim them!  
You can carry forward your losses and set them against a future gain.  
If you are required to complete a tax return, you claim the losses through that.
If you don't, then a letter with supporting calculation is required.
Thank you.