HMRC Admin 20 Response

Hi Muriel Soriano.

It will be the same if you only have 1 gain. If more than 1 the overall liability will be higher.

Thank you.
 

Hi Taxcurious Kayz,

You can contact our Self Assessment department by webchat to discuss this further
Self Assessment: general enquiries

Thank you.
 

Hi syu0402,

When you earn over £100,000 your Personal Allowance is reduced by £1 for every £2 that you go over.
If your tax code was not reduced during the tax year with an estimated income over £100,000 you will have additional tax to pay.

Thank you,

 

Hi Rachel Thatcher,

You will need to register for self assessmet for the tax year that you commence trading as self employed.  
Any expenses incurred prior to commencement of trading, can only be carried forward and claimed in the tax year that you commence trading.  
You can register for self employment at Register for Self Assessment.

Thank you.

 

Hi Father Paul,

We are unable to comment on how US tax is charged.  
From HMRC's perspective, there are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to inheritance tax regarding any inheritance tax implications
How Inheritance Tax works: thresholds, rules and allowances.  

Thank you.


 

Hi cletschka88,

I apologise if you are having issues getting through to us.
Our helpline is available to accept calls that are in the queue by 6pm.
Income Tax: general enquiries

Thank you.

Hi Darthwader,

The starting point is that whoever has beneficial ownership of the property has beneficial ownership of the income.
TSEM9160 - Ownership and income tax: legal background: ownership - income follows property.
For this not to apply there must be a seperation of income from property by way of valid declaration or deed of trust.
TSEM9170 - Ownership and income tax: legal background: ownership income follows property - variation.
However you should note that where the right to income has been transferred and the transfer is not on arms length terms the Settlements legislation may apply.
TSEM4200 - Settlements legislation: settlor retains an interest
An individual can only claim expenses if they themselves incur the expenses.
If the parents declared the expenses on their tax returns there would be no income for these to be set against as they can only be set against rental income. 

Thank you.

Hi famousa,

If your father in law, is a UK resident, he may have capital gains tax to pay on the disposal of the foreign property.  
There are no tax implications on cash gifts, unless the gift generates interest or dividends, which then may be subject to tax.  
There are no tax implications for transferring savings/gifts to a UK bank account, unless they generate income / gains as already mentioned.

Thank you.

 

Hi Laura Davis,

That is correct.

Thank you.

Hi Barbuta Barbut,

You will need to show the income as sterling in the foreign page, the pension will be declared as foreign pension. you will also claim the foreing tax credit relief in sterling and if the Canadian tax works out more than 20% you will need to limit it to the 20% that would be the UK tax on the income.

Thank you.