HMRC Admin 20 Response

Hi Tommy Leung,

Interest ‘arises’ when it is received or made available to the recipient.
Interest has been made available if it is credited to an account on which the account holder is free to draw.
For additional guidance on when interest arises see:
SAIM2400 - Interest: taxation of interest: the tax charge ‘Interest arising’

Thank you.

Hi Vipin Kumar,

Their could be.  
You will need to work out if there is any capital gains liability.  
To do this, all parts of the calculation must be in UK pounds sterling (GBP) using the official exchange rates in force at the date of purchas and disposal.  
The official exchange rates to use can be found at (Exchange rates from HMRC in CSV and XML format).  
You are free to choose any of the 3 exchange rates available, from annual average, monthly or spot rate.  
A calculator to help you workout any gains can be found at (Tax when you sell shares).

Thank you.

Hi Ahmad Farhan,

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).  

Thank you.

 

Hi Lalit shah,

Our helplines are busy at the moment, however you will need to keep trying to get through.

Thank you.