HMRC Admin 20 Response

Hi Hywel001,

I'm sorry to hear of the problems you have experienced.
To address your specific question, where cash distributions are made on or after 1 March 2012 as part of an informal winding up, the conditions for
those distibutions to come within the capital gains tax rules are found at CTA10/S1030A.
There is a £25,000 limit. See CTM36220 - Particular topics: company dissolution: distributions for further details.  
As regards where  you should report the capital gain in your Self Assessment tax return, I would suggest you provide full details in the 'Any Other Information'  box in the SA108.                   CG64115 - Business Asset Disposal Relief: shares/securities: liquidation of company                                   https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1148433/SA108_Notes_2023.pdf    

Thank you.                                         






 

Hi G2023,

Please note that, as joint inheritors of your late mother's home, both you and your brother should declare 50% of the Capital Gains tax profit and deductions
in your own Self Assessment tax returns (on the grounds that the asset was sold for more than 4 times your £12300 CGT allowance).
Because your 50% gain was below the £12300 threshold, there was no requirement to report the transaction within 60 days.        
Report and pay your Capital Gains Tax

Thank you.
 

Hi linda willis,

As we will require to access your record to deal with your enquiry please contact our Self Assessment helpline on 0300 200 3310.

Thank you.
 

Hi ericwlchu,

If foreign dividends are covered by the dividend allowance then you will not meet Self Assessment criteria.  
However, if you are in receipt of foreign interest then you fall within criteria and a Return will be required.  
This is regardless of the personal savings allowance.  
Please see Tax on foreign income: Reporting your foreign income - GOV.UK (www.gov.uk)

Thank you.

Hi GandalfTheGrey,

Please refer to the attached links to assist you with your Capital Gains query.  
HS281 Capital Gains Tax civil partners and spouses (2023)
CG22400P - Capital Gains manual: individuals: transfer of assets between spouses or between civil partners: transfers of assets following permanent separation, divorce or dissolution: Contents
Please also note HMRC can check the market value for you.  
Please see Post transaction valuation checks for Capital Gains (CG34) 

Thank you.
 

Hi Robert Nicholson,

HMRC do not provide certificates confirming that you are not resident in the UK, only that you are resident.  
To claim UK tax exemption on your pension, you should submit Double_Taxation_Spain_Indiviual.pdf (publishing.service.gov.uk) to us once your pension has commenced.  
You should send this to us with your certificate “Residencia Fiscal en Espana Convenio”.  
Please note however that certain pensions remain taxable in the UK and cannot be given the NT (No Tax) exemption.  
The attached link refers.
DT claims and applications - Types of income: Pensions and Annuities - HMRC.

Thank you.

 

Hi RosierichNI,

The period of administration is the period that runs from the day after the date of death until the date when the personal representatives have taken all steps necessary to finalise the estate’s affairs.  
Income or gains received during the period of administration are:-
1.    Treated as income of the estate
2.    Taxed at the rate appropriate to the source of income.
If you require any further information you can contact our Period of Administration helpline on 0300 123 1071.

Thank you.

Hi mkcchan,

It is not taxable.

Thank you.

Hi Paul Murphy,

If you are resident in the UK you are required to declare your worldwide income in your Self Assessment tax return.
Your foreign gain would be declared on SA108. 
If foreign tax has been paid on your gain then you should also complete SA106 to claim your foreign tax credit relief.  
Please see page 6 of SA106 at question 33 onwards – Capital Gains – Foreign Tax Credit Relief and Special Withholding Tax. 
You may find the following links helpful.
Report and pay your Capital Gains Tax: If you have other capital gains to report
Private Residence Relief (Self Assessment helpsheet HS283) 

Thank you.

 

Hi Andyjp1,

Please see Working for yourself and also Set up a business partnership: Setting up .  
These links should help you work out whether you are a sole trader or partnership.  
The links within these will lead you into registering for whichever applies to you.  
Please also see Expenses if you're self-employed: Overview  regarding expenses you can claim, including equipment to which you have referred.

Thank you.