HMRC Admin 20 Response

Hi Eric01 Kendall,

You will only pay the tax when you sell them and in your example this is the 22/23 tax year, the due date for tax to be paid is 31/1/24.

Thank you.
 

Hi Safi,

If you’re a disabled person or a resident in a care home the final 36 months of ownership may qualify for relief if you do not have any other relevant right in relation to a private residence. More detail is available in the Capital Gains Tax Manual and HS283 Private Residence Relief (2023)

Thank you.

Hi Terry121,

Please refer to guidance at Business Asset Disposal Relief

Thank you.


 

Hi LZ,

If you are unable to access the account you will need to go through the verification proces again.
Regarding the cheque you would need to call our helpline or write to us.Income Tax: general enquiries

Thank you.

Hi  Mei Ng

The applications are processed in date order, the second one would be rejected after the first one is worked.

Thank you.

 

Hi Gary Coombs,

We only provide general advice in this forum.  
If you need detailed advice, you will need to contact our taxes helpline (0300 200 3300) so that more information can be obtained and time taken on your query.  
If your interpretation of the DTA, confirms your pension is taxable in the UK, you would declare it in the foreign section self assessment tax return.  
If you've paid tax on the overseas income, you may be able to claim FTCR (Foreign Tax Credit Relief).  
Double taxation agreements are reciprocal so the terms 'contracting state' and 'other state' are interchangeable between the UK and the other country.  
We cannot advise how the German tax authorities would deal with the matter.  

Thank you.

Hi HMHippo,

No there is not another method to leverage the Canadian tax and you would be liable in both countries. capital gain would apply once the assets had been disposed of to make them realized assets.

Thank you.

 

Hi PatWong Wong,

If she doesn't have any of the items listed when trying to verify, she will need to complete a paper tax return.

Thank you.
 

Hi Ed Garey,

If you aren't receiving any dividends contact our helpline and we can review the tax code.
Income Tax: general enquiries

Thank you.

Hi winglam,

"You may also have made a gain which is only taxable when your policy ends. This is because in each insurance year you can withdraw up to 5% of the premium paid into your policy without a gain happening in that year. An insurance year begins on the anniversary of the date of your policy was taken out and ends on the day before the anniversary in the next year (except in the final insurance year). The 5% takes into account regular pay outs or withdrawals.
If, for example, you do not make any withdrawals in an insurance year, the full amount of the 5% ‘annual allowance’ is carried forward. This means that in the second insurance year, if you have not made a withdrawal in the first insurance year, you can withdraw up to 10% of the premium paid without a gain happening in that second insurance year.
The 5% annual limit is not a tax-free amount. All amounts paid from or withdrawn from a policy have to be added into the calculation made when your policy ends."

Thank you.