HMRC Admin 20 Response

Hi Qu61958 P,
A property doesnt need to be owend by you to count as a home.
HMRC definition is -  A home can be a building, or part of a building, a vehicle, vessel or structure of any kind which is used as a home by an individual.
It will be somewhere which an individual uses with a sufficient degree of permanence or stability to count as a home.  
If this applies to you, you have a home overseas.
Thank you.

Hi Cantoris-1,
Please refer to further guidance at VCM23080 - EIS: deferral relief: shares issued on or after 6 April 1998: how deferral relief is allowed for more
information on the rules about claiming deferral relief.  
This states - The investor can specify an amount of relief in his claim as long as this does not exceed the amount of:
his unused qualifying expenditure on eligible shares, and that part of the original gain which is unmatched.
Thank you.

Hi Sarah Wise,
No this is not allowable as the mortgage is not against the rental property.
Thank you.


 

Hi Sue Nicola,
No, you don't declare the tax free element anywhere.
Thank you.


 

Hi Jimmy65 McNeillie,
You will only declare the UK rental income on the tax return.
Thank you.

 

Hi Joe,
It's the actual capital that is tax free, if you then bank this then it will generate interest and that is taxable, if you then invest in stock/shares/crypto that you then sell, you will be liable to capital gains tax.
Basically any money that the capital makes, is taxable income.
Thank you.

Hi Tracykwok43,
The Hong Kong employer does not need to pay UK tax, they should not deduct any tax as this income would be taxable in the UK.  
You on the other hand, will need to report your foreign employment income in a self assessment tax return and pay tax on the income.  
You may need to contact the Hong Kong tax authorities to arrange for your employer not to deduct Hong Kong employmen tax.

Thank you.

Hi tifosia,
Gains arising from the disposals of ETFs are treated as capital gains tax.
Thank you.

Hi sofiatabasso,
I regret that we are unable to answer your question in this forum.  
You will need to telephone our self assessment helpline on 0300 200 3310, to provide more information, as you can be considered to the be the legal
owner and the beneficial owner of the property from purchase in 1993.
Thank you.

Hi siddharth Lokanathan,
You can choose which years you want to use the remittance basis and which you don't.
In any tax year that you claim remittance basis, you automatically lose all of your personal allowance £12570.  
Instead all of your UK income and any remitted income is taxed, with the unremitted income not being taxed, until a tax year in which it is remitted to the UK.  
You need to weigh up both methods to determine if the remittance basis is worth claiming, as you could end up paying more UK tax using the remittance basis
than if you used the arising basis and declared the foreign income.
Thank you.