HMRC Admin 20 Response
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RE: CGT on gifting a share of inherited property
Hi,
For queries regarding stamp duty, please refer to Stamp Duty Land Tax.
If you give your half to your brother, it is likely that capital gains tax will be due - Capital Gains Tax: what you pay it on, rates and allowances
Thank you. -
RE: Running an Australian Business, but working between Australia and UK
Hi,
All of our guidance is designed towards the UK.
The tax treaty between the UK and Australia is reciprocal.
You can interchange the 'contracting state' and the 'other state' to reverse the guidance. (Australia: tax treaties).
If you will be resident in the UK and working from the UK, you may find you also have tax to pay in the UK.
You should consider your residence status for the period you will be in the UK. (RDR3 Statutory Residence Test.
Thank you. -
RE: Joint ownership but all income in one account
Hi,
The default for married couples and civil partners is 50/50 split.
The only other alternative is a split based on the actual share of ownership of the property.
To do this please follow the guidance at Declare beneficial interests in joint property and income.
In either case, both of you will need to complete a self assessment tax return, so that you can declare your share of the income from the property.
Thank you. -
RE: reasonable amount of time to wait...
Hi,
You can find out when you can expect to receive a reply form HMRC here: Check when you can expect a reply from HMRC
Thank you. -
RE: Tax Office Certificate For Sole Traders asked by google
Hi,
Please reapply using - How to apply for a certificate of residence to claim tax relief abroad
Thank you. -
RE: Split year treatment and foreign income
Hi,
We cannot comment on scenarios, real or imagined in this forum.
The guidance on how to apply split year treatment can be found at RDR3 Statutory Residence Test.
If you still have issues on this matter, you will need to contact our self assesment helpline on 0300 200 3310, or contact our webchat facility at Contact HMRC or seek professional advice.
Thank you. -
RE: Student Loan Calculation
Hi,
Unfortunately, we are unable to provide specific advice tailored to individual circumstances you may wish to contact our helpline:
Income Tax: general enquiries
This link may also be of use: Repaying your student loan
Thank you. -
RE: CGT on foreign currency received as dividend and held in broker account
Hi,
It is the date that you receive the dividend that is used for tax purposes and the exchange rate on that date, not the date you actually convert the currency to sterling.
Foreign currency is considered an asset and its disposal can give rise to a chargeable gain or allowable loss (CG78300 - Foreign currency: introduction).
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates at Exchange rates from HMRC in CSV and XML format and for older rates at Exchange rates.
You are free to use any of the supplied rates or one of your own choosing.
Thank you. -
RE: Pension Allowance - limits and dates
Hi,
Please refer to PTM041000 - Contributions: essential principles Deemed date of contributions
Thank you.
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RE: Stocks and Share ISA
Hi,
The maximum you can invest each year in ISAs is £20,000.
You can have £20,000 in one account or split the allowance across multiple accounts.
If you invest £20,000 in the current tax year you will need to wait until the next tax year to invest a further £20,000 in any ISA account.
It will be dependant on your ISA provider if they allow you to reinvest in the same account each year or not.
Individual Savings Accounts (ISAs)
Thank you.