HMRC Admin 20 Response

Hi LL,

1-  There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends. These would then potentially be subject to tax.  Further guidance can be found here (Tax on savings interest and Tax on dividends).  
2-  No.  Bank transfers from non UK banks to UK banks do not need any type of paperwork from HMRC perspective.
3-  No.  There are no tax implications for sending savings to the UK, provided those savings are derived from income or gains arising in the tax year they are sent to the UK. 

Thank you.

Hi Adrienne O'Sullivan,

If you have reported and paid the capital gains tax using the online service, you will need to declare it again on your self assessment tax return, only if both of the following statements are 'yes'.  
1 - the disposal value is more than £49200.00.
and
2 - You need to complete a self assessment tax return for any other reason.  
If you have already paid the capital gains tax, there are two additional boxes that need to show the gain and tax paid.  
They are name
"Total gains or losses on UK residential property reported on Capital Gains Tax UK Property Disposal returns"
and
"Tax on UK residential property gains reported on Capital Gains Tax UK Property Disposal returns already charged".  
By completing these boxes as well, you will be given a credit in the self assessment calcuation, for the tax already paid.
If you need further help, you can contact my colleagues using webchat at Self Assessment: general enquiries, 8am to 6pm Mon to Fri.

Thank you.

Hi igys,

If an estate exceed the thresholds, UK Inheritance tax is paid by the estates of someone who is UK domiciled, even if they are not resident in the UK, when they die.  
Non Uk residents would only be subject to inheritance tax in the UK, if they had  UK assets at their time of death.  
There is more information at When someone living outside the UK dies.

Thank you.

Hi Steve Sicily,

When mail is received in our Central Mailing Unit, it is scanned onto a WTS (Tracking Service) so that customers are then able to see confirmation that their correspondence has been received in Dept.  
The Mailing Rooms do not send out confirmation/acknowledgement of receipt.  
Our Guidance tells our telephone advisers to allow 4 weeks for the correspondence to show on our Digital Mail Service for approp Team to work.  
If you want to check on progress with the application, you can contact our Helpline from abroad on: +44 19 1203 7010.  Monday to Friday 8am – 6pm.  
HMRC is looking at making more of our forms digital over the coming couple of years and this form may be included in that Programme.  
Please continue to view www.gov.uk , use the Personal Tax Account and install the HMRC App to use our current digital services.

Thank you.

 

Hi Foreign Landlord,

If the funds you transfer to the UK, arise from income or gains, from the same tax year you bring the money to the UK, then this would be taxable and
declared on a self assessment tax return, as foreign income and foreign gains.  
If the money is solely savings, then this is not taxable and nothing needs to be declared.

Thank you.

Hi Magali Leroux,

You do not need to do anything, cash gifts are not taxable.  
Any interest or dividends the gift may generate, may be taxable.

Thank you.

Hi Swisschalet,

Mortgage costs are not a factor in calculating capital gains tax, how the property is purchased has no relevance.  
The acquisition price is the price agreed at the time the contracts were signed.  
All parts of the capital gains calculation must be in pounds sterling.  
You can use the official exchange rate that applied on the day of acquisition, this would be found in most national newspapers.  
Alternatively, you can use the official exchange rates at Exchange rates from HMRC in CSV and XML format.  
You will have the choice of using the monthly, annual and spot rate.  
Archived exchange rates can be found at Exchange rates.  
There is a calculator at Tax when you sell property, which will help you work out the gain.  
Any gain will need to be reported in a self assessment tax return.

Thank you."

Hi Magali Lerouxc,

The annual exempt allowance for 23/24 is £6000.00.  
If your share of the gain (in pounds sterling) is below this sum and you have no other gains in 23/24, you would not need to report this disposal.

Thank you.

Hi Aicha,

If you contact us using the 'ask HMRC online' link you will be able to speak to our Self Assessment department by webchat and we can review,
Self Assessment: general enquiries.

Thank you

Hi Rubi57mc,

The mortgage is not relevant when it comes to capital gains tax.
You would need to work out the gain from the disposal value, minus costs.
Costs can be the market value of the property at the time of inheritance, the cost of buying the land, selling costs, improvement costs, solicitors / estate agent fees etc.  
Have a look at Capital Gains Tax: what you pay it on, rates and allowances

Thank you.