HMRC Admin 20 Response

Hi JonathanInLondon,

We are unable to comment on scenarios, whether real or not.  
Have a look at the guidance at HS284 Shares and Capital Gains Tax (2021).

Thank you.

Hi George1966,

Please refer to Disability pension payments Section 641 ITEPA 2003 to see if your pension falls into these categories

Thank you.

Hi Rubi57mc,

You would need to discuss this with a financial adviser as HMRC cannot offer financial advise.

Thank you.

Hi Dawei Wang,

As the payment is from your employer, the income should be shown in the employment section if it is included in your P60. It is not a capital gain.

Thank you.

Hi Jaba Mak,

The result of the calculation when a chargeable event arises may not be a positive amount.
There’s no relief for a loss and you should not make any entries on your tax return.
However, if the result of a full surrender, death or maturity calculation is negative and you made gains on the policy in earlier
years, the section that follows about ‘deficiency relief’ may be relevant.
A loss on one policy cannot be set off against a gain on another policy. further guidance at
HS321 Gains on foreign life insurance policies (2023)

Thank you.

Hi R0321 H@,

In answer to you questions

1. You are in the correct section but you will need to register a new government gateway account as an individual.   
2. The lease extension would probably already be claimed as part of the rental and if not a condition of the sale, is not deductable when working out any capital gain  
3. No, you need to work it out yourself and use an estimate for the current year income.    
Please note however, as you already complete a tax return, you still need to declare the gain in your tax return and the section that it has already been reported/paid

Thank you.

Hi Charles David Hume,

As the payment is from your employer, the income should be shown in the employment section if it is included in your P60.
You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'.
 ERSM20193 advises that when RSUs payout at the market value on what is called ""dividend equivalents"" in either cash or shares, such payments will generally be taxed as earnings in the year they are received.  https://www.gov.uk/hmrc-internal-manuals/employment-related-securities/ersm20193                                                                                                                                                                                  
For Capital Gains - sell the shares immediately upon vesting. This ensures that there is no gain to tax. If you still want to hold the shares, you could buy them back in a stocks and shares ISA. This ensures that any future growth is tax-free (although you may still pay withholding taxes, particularly if the shares are held in a US company).
If you hold the shares within a SIPP, any future growth is tax-free and no withholding tax will apply (assuming that your pension administrator has set it up correctly!).

Thank you.

Hi stevenpriceuk61,

Please refer to Working for yourself

Thank you.

Hi Candice Chan,

If you have been unable to apply online your wife will need to contact us or apply in writing Income Tax: general enquiries

Thank you.

 

Hi crowlkc,

Yes you would need to let HMRC know so that any losses still available could then be used at a later date.

Thank you.