HMRC Admin 20 Response
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RE: Temporary income in china
Hi,
If the terms of the DTA exempt it from UK tax then you do not declare it as income. you do however need to make refernece to it in the comments section of the return and under which article it is exempt in the UK.
Thank you. -
RE: Aportioning let time and owner occupation time
Hi,
The final 9 months is only added if you were not living in the property for that period. if you were, it is already included.
Thank you. -
RE: Capital Gains Tax advice (Scotland)
Hi,
There is a calculator tool within the guidance at Report and pay your Capital Gains Tax, the rate of capital gains tax rates are the same for the whole UK.
Thank you. -
RE: Definition of UK income under the remittance basis
Hi,
We can only provide general information / guidance in this forum.
For an answer to a detailed question of this nature, you would need to contact our self assessment helpline on 0300 200 3310, or seek professional advice.
Thank you. -
RE: CGT on cyptocurrency
Hi,
Your trading account should identify which ones have been sold to allow you to determine that.
Thank you. -
RE: split year
Hi, Celia K,
If you qualify for split year then you only report any foreign income for the UK part of the year RDRM12000 - Residence: The SRT: Split year treatment:.
If you do not qualify then you will need to report all your foreign income to the UK Tax on foreign income.
The guidance at RDRM12150 - Residence: The SRT: Split year treatment will help you work out if split year treatment applies.
You need to include the PAYE income in the return also.
Thank you.
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RE: For clarification on accumulation funds in HS284
Hi,
Split year treatment does not require a claim.
If you are eligible, it applies automatically and cannot be disapplied.
Thank you. -
RE: Tax liability on inheritance of property - tenants in common
Hi,
If you inherit the remainin half of your late mother's house, so that you own 100% of it and you then dispose of it, you may have capital gains tax to pay on the disposal.
Out of the sale proceeds, you give your daughter a large sum of money, there is no tax payable on the cash gift to your daughter, for either you or your daughter, but if you die within 7 years of making the cash gift, the amount gifted to your daughter then counts towards your estate for inheritance tax purposes. If you live longer than 7 years then it does not count towards your estate for inheritance tax purposes.
If your daugher was to inherit 50% of her late grandmothers house, then she may have capital gains tax to pay on her disposal of her 50% of the property.
Any cash gift, given or received, are not taxable.
Any gift over £3000 must be considered for inheritance tax purposes.
Thank you. -
RE: UK tax liability on a Norwegian state pension
Hi,
Not quite. You claim a foreign tax credit of up to 100% of the tax paid in Norway, where the UK tax payable on the pension is greater than the tax paid in Norway, or an amount equal to the UK tax payable on the pension.
Thank you. -
RE: Does Interest on Cash ISA count towards ISA allowance?
Hi,
That is between you and the provider.
Thank you.