HMRC Admin 20 Response

Hi Wombat20,

The date in early 2021 (while living overseas) that you decided not to return to the property and sell it instead, is the date that private residence relief would cease.

Thank you.

 

Hi Jacob Shin,

Have a look at HS227 (2023) HS287 Capital Gains Tax and employee share schemes (2023)

Thank you.

Hi Jacob Shin,

You will need to claim a foreign tax credit for the overseas tax paid on the supplementary page Self Assessment: Foreign (SA106).
The foreign tax credit can be up to 100% of the overseas tax paid, depending on how much UK tax liability there is in this income.  
Have a look at the guidance at Tax on foreign income If you're taxed twice  

Thank you.

Hi Miles Ratcliffe,

Please have a look at the employment income manual at EIM05231 for the rates.  

Thank you.

Hi Jacob Shin,

Yes.  You would need to declare it in the foreign section to claim foreign tax credit relief.  
You would also need to include this under employment SA102, to bring the payment into the tax calculations.

Thank you.

 

Hi Graham Matthews,

Capital gains tax is worked out differently.  The lower capital gain rate of 18% and the higher rate of 28% remain unchanged.  
Private residence relief is set againt the amount subject to capital gains, thus reducing the amount taxed at 18% and or 28%.  
There is a calculator at Tax when you sell your home which would help you calculate the gain.  
You may also be able to claim a foreign tax credit for any overseas capital gains tax paid.

Thank you.

 

Hi harryss53,

SA100 (tax return) page TR3, boxes 1 and 2 are for UK interest.  
Provided your overseas interest is not taxed and is below £2000, you can declare this in box 3.  
If your overseas interest is more that £2000 or has tax deducted from it, you would declare this on supplementary page Self Assessment: Foreign (SA106)
Tax Return (2023)   if you are using the online tax return, you will need to tailor your return to include foreign income if the criteria for showing the interst on SA106 applies.

Thank you.

 

Hi seanhalsing,

1) No.  unused foreign tax credits cannot be carried forward.                    
2) Yes, you would be able to claim this as an expense.  Have a look at Expenses if you're self-employed
2) Provided your employer does not re-imburse you for the travel, you can claim this as a job expenses.  You would be required to retain evidence of the travel costs.  Have a look at Claim tax relief for your job expenses.

Thank you.

 

Hi Pisces CHOY,

If the bank account that paid the interest is a UK bank account then this is UK bank interest.

Thank you.

 

Hi Sally Ho,

Yes, but not in the same tax year.

Thank you.