HMRC Admin 20 Response

Hi achopr,
As youcstate the interest is not credited until the account matures, you will declare ALL interest in the tax year it is credited.
Thank you.

 

Hi,
Please refer to How Inheritance Tax works: thresholds, rules and allowances
Thank you.

Hi, 
Capital gains tax liability arises where the disposal value of the shares is greater than the allowable costs (including purchase price).  
To work out if there is a gain, all values must be in GBP Sterling.  
To conver to Sterling, you need to use a just and reasonable exchange rate that would be in use at the time or acquistion or disposal.  
Where the shares were a gift, you would need to use the market value of the shares when they were gifted to you or the market value of the share when received from the trust.  
You are free to use any of the HMRC exchange rates at Exchange rates from HMRC in CSV and XML format or you can obtain from a source of your choosing, such as the London stock exchange.  
The disposal of the share should be declared in a self assesment tax return.
Thank you.

Hi,
Much depends on the tax treaty between the UK and the other country.  
You can find all of the UK tax treaties at Tax treaties.
Thank you.

Hi,
1. that is correct. the SIP will only be declared when you withdraw the pension.  
2. if the company automatically reinvests the shares and you do not have a choice in this, you do not declare them until actually sold.
Thank you.

Hi,
Having looked at the FAQ's document from the Fund that was issued to investors following the judgement it states that they ''expect' that payments made by WEIF to investors under the Scheme will be treated as capital distributions from the Fund.
And as such, each distribution will be deemed to be a part-disposal of the shares in the Fund for UK capital gains tax purposes and may, depending on your personal circumstances, give rise to a capital gains tax liability on any gain or give rise to a tax loss'.
I assume that you have this document. we only have fairly limited information but assuming that the legal costs were incurred in relation to the distribution received in respect of the shares following the judgement, all we can really do is refer you to the relevant guidance and the relevant chapter here is in the CG manual at CG15150 - Expenditure: introduction, which relates to expenditure. In particular, the guidance at CG15180 - Expenditure: enhancement expenditure relating to enhancement expenditure, CG15250 - Expenditure: incidental costs of acquisition and disposal incidental costs of acquisition or disposal and CG15280 - Expenditure: professional fees which relates to professional fees.
Professional fees are only allowable to the extent that they are directly referable to the cost of acquiring or disposing of the asset and any incidental costs of disposal must be wholly and exclusively for the purposes of the disposal.
The legislation for enhancement expenditure as per CG15180 is at TCGA92 S38(1)(b). This states the only expenditure that could be allowed is expenditure incurred ON the asset for the purposes of enhancing the value of it, which is still reflected in the asset at the time of disposal, and expenditure incurred in establishing, preserving or defending title to or a right over the asset.
Based on the information we have, it would appear unlikely that the relevant conditions have been met for any of these, to enable a deduction to be made in the capital gains computation. However as usual, under Self-assessment it is up to you to correctly self-assess any Capital gains or allowable losses in line with the legislation and to be able to substantiate this in the event of an enquiry. 
Thank you.

Hi,
You can still claim the 45p per mile for this. using this method means you cannot claim anything else in relation to the running/upkeep of the car.
Thank you.

Hi,
If all your interest is from banks and building societies then they report this to HMRC and you do not need to do anything.
Thank you.

Hi,
You will need to complete the following form - Double Taxation: UK - Spain (Form Spain-Individual)
Thank you.

Hi,
Please refer to Trusts and taxes or telephone 0300 123 1072.
Thank you.