HMRC Admin 20 Response

Hi hpshah,
Although the interest from a public provident fund is not taxable in India, it is taxable in the UK, where the beneficial owner of the interest is resident in the UK.  
This interest is declared in SA106, where the sum is over £2000.00.  
The exemption to small amounts of foreign income advises "all your overseas employment income and interest is subject to foreign tax".  
As your PPF interst is not subject to tax, this rule cannot be applied and the interest declared on the tax return, either in SA106 or if the remittance basis is used, the unremitted interest, should be declared in SA109.  
Have a look at section 9 of  Guidance note for residence, domicile and the remittance basis: RDR1
Thank you.

Hi njc23,
The annual exempt allowance is available to the owner of the property.  
If the property is jointly owned, then both owners can claim the annual exempt allowance.  
In 23/24 tax year this is £6000.  
In 24/25 it is reduces to £3000.
Your income from renting the property meet the criteria for completing a self assessment tax return, even if you are not resident in the UK.  
Check if you need to send a Self Assessment tax return.
Thank you.
 

Hi Swati,
As we have very limited information to go on and whether any legal agreements have been put in place but, my understanding is that if the money is to cover general expenses like food, travel to appointments etc, then it's probably not taxable, these are often referred to as gratuitous care payments.
If they are "gifts" then there are different implication, which relate to inheritance tax rather than income tax.
If a contract has been signed, then this may be considered as income but again that will depend on whether the hourly rate is the same as, higher than or below the standard rate of pay for a care worker.
If it is at least 20% less than the standard rate then it may not be deemed as taxable.
Both individuals may wish to put any agreement they have in writing, apply to make payments under a Court of Protection, speak to The Office of Public Guardian, a financial advisor or local council about family home care services, here are a few links  
Public Guardian practice note (SD14): OPG’s approach to family care payments (web version),  
ESM4016 - Particular occupations: careworkers - payments under Court of Protection Order or from trust fund  
ESM4156 - Particular occupations: family employment - other than by spouse.
Thank you.

Hi Burtgang,
If the combined gains on your disposals over whole the tax year are below £6000.00, then you do not need to report them.  
Have a look at the example at HS284 Example 3 2023, which is linked to the helpsheet HS284 (Shares and Capital Gains Tax (Self Assessment helpsheet HS284)).
Thank you.

Hi ACTS,
HMRC considers foreign currency to be an asset and any gain from the exchange of currency is chargeable to capital gains.  
If your total gain exceeds the annual exempt allowance, you have until 31 December after the end of the tax year to declare the gain using the realtime transaction service at
Report and pay your Capital Gains Tax.  
Reporting after 31 December must be in a self assessment tax return, which should be in the possession of HMRC before 31 January, when any outstanding tax should also be paid.
Thank you.
 

Hi jzchong,
If split year treatment applies, you only declare your world-wide income from the date you arrived in the UK.
Thank you.

Hi Nonstop Goo,
If you ceased be the legal owner of the property, while resident in Hong Kong, there is no capital gains tax for your to pay, as you disposed of the property before moving to the UK.  
Your partner would be subject to capital gains tax on the whole property.
Thank you.

Hi StockOptions821485,
We have reviewed the guidance in the National Insurance Manual NIM00002 - Overview and purpose: the structure of the NIM and Employment Related Securities Manual How securities - including shares and options over securities - are taxed and treated for National Insurance and advise you to call the Employment Related Security Schemes Helpline 0300 322 7074 alternatively you can send your query directly  to their mailbox: shareschemes@hmrc.gov.uk
Thank you.

Hi ccsalway Salway,
No.  There is no tax liability on cash gifts.  
Any interest or dividends you receive from the cash gift will be subject to tax and should be declared.
Thank you.

Hi John Smith,
The guidance at DT4617, advises that 'Where a UK resident makes a lump sum withdrawal from an Registered Retirement Savings Plan (RRSP) or an Registered Retirement Income Funds (RRIF), Canada imposes a 25 per cent withholding tax'.  (DT4617 - Double Taxation Relief Manual: Guidance by country: Canada: Withdrawals from Canadian RRSPs/RRIFs).  
No tax credit relief is allowable, which means that the full lumpsum is taxable in both Canada and the UK.  
You can, however, claim a foreign tax credit relief of up to 100% of the foreign tax deducted, against your Uk tax liability. 
It is only the retirement savings plans or registered retirement income funds that would be covered by DT4617.  
If you are a UK resident, you are taxable on the TFSa and FHSA in the UK, under world-wide income.
Thank you.