HMRC Admin 20 Response

Hi,
Please refer to guidance at Tax on foreign income
Thank you.

Hi,
By adding your son to the deeds, you are gifting him a share of the properties. You may find that you have capital gains tax to pay on the gifts.  
Private residence relief may offset any gains on your main residence, but not the rental property.  
Your mortgage position of either property is not relevant for capital gains purposes.  
As both you and your wife are the beneficial owners of the rental income, you would both continue to declare the rental income.  
Please have a look a the guidance at Tax when you sell your home, which includes a calculator and a link to register for a capital gains account.  
Please also have a look at helpsheet HS283 (HS283 Private Residence Relief (2024) Updated 6 April 2024).  
Please note if a gain arises, you have 60 days from the completion date, to report and pay the capital gains tax.
Thank you.

Hi,
You will need to submit your 2022 to 2023 and 2023 to 2024 tax returns.  
If you have ceased renting the property out, because you are now living there, you will need to notify HMRC of this change so your records can be updated.
Thank you.

Hi,
You will declare the income as normal in the year it arises, once you have then paid the Indian tax, you can amend the UK return to then claim the foreign tax credit relief.
Thank you.

Hi,
Please refer to CG25330A - Remittance basis: election for foreign losses to be allowable: TCGA92/S16ZA
Thank you.
 

Hi,
Dividends are treated as paid in the date they became due and payable so this would be the date paid to the nominee.
Thank you.

Hi,
US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than capital gains.  
The return is paid at maturity rather than regular interest payments.  
In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity.  
On a foreign investment the income is the difference between the purchase and redemption price after each has been converted to sterling on the day the transactions took place, so includes any foreign exchange gains.  Losses cannot be deducted. 
Have a look at SAIM3010 - Deeply discounted securities: introductionfor more information.
Thank you.

Hi,
The carry forward rule for pensions is in respect of the annual allowance only to avoid any charges being raised, this does not allow for any unused tax relief to give a refund.
Any refund due on your payment is based on the tax year the payment is made only.
Thank you.

Hi,
Both you and your mother may have capital gains tax to pay on the disposal of the asset to the other family member.  
Please have a look at the guidance at CG14580 - ) on 'connected persons' and that of 'realtive'.  
It is important to recognise when a transaction is ‘otherwise than by way of a bargain made at arm’s length’. This is because for a transaction carried out ‘otherwise than by way of a bargain made at arm’s length’ the market value of the asset should be used as the consideration for the disposal (CG14540 - Consideration for disposal: market value rule: not at arm's length).  
A bargain made at arm’s length is a normal commercial transaction between two or more persons. All of the parties involved will be trying to obtain the best deal for themselves in their particular circumstances (CG14541 - Consideration for disposal: market value rule: at arm's length).
You can calculate any capital gains using the calculator at Capital Gains Tax.  
From there you can register for and report and pay any capital gains tax due.  
Please note that you will both need to do this withing 60 days of the completion date.
Thank you.

Hi,
This should be declared as self employment and if any foreign tax paid, also include it within the foreign section.
Thank you.