HMRC Admin 20 Response
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RE: Transfer of funds from Spain to UK
Hi,
There are no tax implications for transferring savings to a UK bank account unless they generate interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
However, if you are resident in the UK, at the time you dispose of the property, you may have UK capital gains tax to pay.
Whether a gain arises or not, the disposal must be declared an a self assessment tax return.
Thank you. -
RE: Double Taxation - Form DT-Individual
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RE: Tax implications on gifted overseas property and later subsequent sale
Hi,
There is no tax implication on receiving the gift. you will however need to have a valuation done at the time of transfer so that if/when you sell you will know if there has been an increase in value, if so, capital gains will apply.
Thank you. -
RE: Selling gifts I received
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RE: Guidance Needed on Reporting ISA Overpayment and and Capital Gain in 2023-24 Tax Return
Hi,
HMRC will contact you in due course regarding the excess ISA payment and what to declare.
The CGT falls into 24/25 tax year.
Thank you. -
RE: Cash and stocks ISA rules
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RE: Selling main home and moving to second home
Hi,
As you have 2 properties, you will need to ensure that a nomination is held to confirm which one is your main property for it to be exempt from capital gains -
CG64485 - Private residence relief: only or main residence: two or more residences: right of nomination
Thank you. -
RE: Gift or repayment?
Hi,
If she has not lived in the 2nd property this would be seen as a disposal so capital gains would be due on her share.
Thank you. -
RE: Tax credit for contribution to Australian super account
Hi,
No as it was made by your employer so you cannot claim the relief.
Thank you. -
RE: CERFA 5000 and 5002
Hi,
The forms will be sent back once the post has been actioned.
We do have a backlog and have not reached post received in June yet.
Thank you.