HMRC Admin 20 Response

Hi TL Leung,

If you qualify for split year then you only report any foreign income for the UK part of the year RDRM12000 - Residence: The SRT: Split year treatment:
If you do not qualify then you will need to report all your foreign income to the UK Tax on foreign income.  
The guidance at RDRM12150 at www.gov.uk will help you work out if split year treatment applies.  
As the property was not your main home and sold when you are a UK resdient, the gain needs to be reported.
As also claiming split year, a tax return is required for 22/23

Thank you.
 

Hi Stevek1,

We are not able to comment on scenarios.  
The tax rules specify the conditions that need to be met for payments by a registered pension scheme to be authorised payments for the purpose of the tax rules.
Any payment that doesn’t meet these conditions is an unauthorised payment.  
There is a list of circumstances here an unauthorised member payment arises or might arise. Have a look at the guidance at:
PTM133830 - Unauthorised payments: deemed or specific situations that are unauthorised payments: recycling of pension commencement lump sums: significant increase in contributions and cumulative basis relating to increases in contributions.
Recycling of a pension commencement lump sum involves using that lump sum as the means to increase contributions significantly to a registered pension scheme.
The recycling rule is intended to prevent the systematic exploitation of the tax rules for registered pension schemes to generate artificially high amounts of tax relief by using the pension commencement lump sum to make a further, tax-relieved, contribution to a registered pension scheme.  
When the recycling rule applies all or part of the pension commencement lump sum is treated as an unauthorised member payment for tax purposes.
 (PTM133810 - Unauthorised payments: Deemed or specific situations that are unauthorised payments: recycling of pension commencement lump sums: overview).
Examples of recycling can be found at
PTM133850 - Unauthorised payments: deemed or specific situations that are unauthorised payments: recycling of pension commencement lump sums: examples to illustrate when the recycling rule applies.

Thank you.
 

Hi RobX,
It's not clear whether the account in question is for an individual nominee account (designated account) or a pooled nominee account (undesignated account).
The principles outlined at SAIM2065 should be extended to apply to the account that you are referring to.
The guidance advises that interest arising on designated accounts is taxable, whereas payments received from undesignated accounts are treated as savings income within ITA07/S18. SAIM2065 - Interest: Solicitors' client accounts Designated and undesignated client accounts
Thank you.
 

Hi N4512414,

Please have a look at HS265 helpsheet.
Morgan Stanley is on the approved offshore reporting fund list, income from a fund would be shown on the foreign page SA106.
HS265 Offshore funds

Thank you.
 

Hi Help1,

Please refer to guidance at
Tax on foreign income If you're taxed twice
and
Self Assessment: Foreign (SA106) on how t ocomplete the foreign page.

Thank you.

 

Hi Jamesh99,

As there is no change in beneficial ownership, there is no UK CGT due.

Thank you.

 

Hi Daniel Popa,

Please refer to guidance at Get your Income Tax right if you're leaving the UK

Thank you.

 

Hi kwill1000,

You can file returns from 19/20 - 22/23 on the online account.
You will need to check with our Self Assessment department if the return has been requested.
Please see Tax on a private pension you inherit.

Thank you.

Hi Ben Ali,

From the details provided, you do not appear to meet the conditions at - "without doing anything in return (for example, not related to any service or other conditions)
not as part of a trade or business involving cryptoasset exchange tokens or mining - and as such, no income tax is due."

Thank you.