HMRC Admin 20 Response

Hi ppapo6888,

This would constitute an overeseas home and in order to meet the criteria at your point, you could only be present in it for 30 days in the 23/24 tax year.

Thank you.

Hi Bodhi,

It is only the interest that you need to report, not the actual capital from the IRA, as UK tax resident and domicilled, you need to report
the interest even if you don't bring it to the UK.

Thank you.

Hi Bodhi,

Anyone, who is resident and domiciled or deemed domiciled in the UK, must declare their world wide income, arising in a tax year, to HMRC.  
This includes the interest arising from your IRA distribution, regardless of whether it is remitted to the UK or not.
This is done via a self assessment tax return and supplementary page SA106, where the income is declared in pounds sterling.  
The interest from your IRA account is added to your UK interest and the appropriate savings rates applied.  
Anyone who is not domiciled in the UK, has the option to use the remittance basis, where they are only taxed on their UK income/gains and any remitted income/gains.
Have a look at section 9 of Residence, domicile and the remittance basis: RDR1

Thank you.

Hi Pines12345,

Please refer to point 2 of Lifetime allowance guidance newsletter — March 2023 2. Pension commencement lump sum and lifetime allowance protections

Thank you.

Hi treborsenots,

When working out if there is UK capital gains tax to pay on the disposal of your overseas property, you can consider private residence relief, if the property was your main residence for all or part of the period of ownership.  
Where the property was your main residence for the entire period of ownership, private resident relief would be 100% of the gain on disposal of the property and no capital gains tax is due. Where the overseas property was your main residence for a period that is less than the period of ownsership, the private residence relief will only be a fraction of the gain, so some capital gains tax may be payable.  
Have a look at HS283 Private Residence Relief (2023).  
There is a calculator at Work out tax relief when you sell your home, to help you work out if there is capital gains tax to be paid.

Thank you.

Hi maxso,

Firstly, you will need to review the guidance on residence at RDR3 (RDR3 Statutory Residence Test) and take the residency tests.  
Tax on foreign income UK residence and tax)
If you are considered not resident in the UK, you only declare the self employment income from the date you arrived in the UK to the end of the tax year.  
If you are not resident in the UK, then you need to declare this on supplemenary page SA109 (Residence, remittance basis etc (Self Assessment SA109)).

Thank you.
 

Hi S Chung,

Under the terms of the double taxation treaty, as the income is for 'work' that was carried out in Hong Kong, you do not need to report this income in the UK.

Thank you.

Hi K H Ng,

Please have a look at some guidance on helpsheet HS321 (Gains on foreign life insurance policies (Self Assessment helpsheet HS321))
for information on the taxation of foreign lige insurance policies.  

Thank you.
 

Hi Ro_HMRC_forums,

There is no requirement to report losses to HMRC.  You don't mention what the loss relates to.  If you want to carry the loss forward to set against a profit in a future tax year, then you need to complete the appropriate supplementary page.  SA103 (self employment) SA104 (partnerships) SA105 (property) SA106 (foreign) SA108 (Capital gains).  
You declare the disposal amount and your costs and show the amount of loss and advise what you want to do.  If you are completing your tax return online, you will need to tick 'yes' to the relevant section, where you would normally show the profit.

Thank you.
 

Hi SHING FUNG NG,

You cannot deduct this as an expense but this would appear to be an income related tax so you can claim foreign tax credit relief to set against any
UK tax that is due on the same source of income - Relief for foreign tax paid (Self Assessment helpsheet HS263)

Thank you.