HMRC Admin 20 Response
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RE: When to report NS&I’s Guarantee Bond interest payment
Hi,
If you can access the interest when it is added, you report it in that year. if not then it is the year of maturity.
Thank you. -
RE: Is notification required for a deed of variation?
Hi,
As this would be for IHT, please contact them on 0300 123 1072.
Thank you. -
RE: Report Capital Gains Tax for UK residents
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RE: Capital Gains when Dividends are automatically Reinvested
Hi,
That is correct.
If you filed your return online you can amend the 22/23 return to correct the figure.
Going forward if automatlically reinvested by the company then you do not declare them.
Thank you. -
RE: US government bond
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: introduction for more information.
Thank you. -
RE: Savings allowance and Capital Gains
Hi,
A chargeable event is not a capital gain - HS320 Gains on UK life insurance policies (2024)
Thank you. -
RE: SA106 Form
Hi,
As you have selected yes to the foreign income at tailor your return, you will be able to declare the information in that section.
This is the online version of the SA106.
Thank you. -
RE: Foreign Life Insurance Beneficiary
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RE: Residential property finance costs
Hi,
If you have no tax to pay on any rental profit, no relief will be due.
Thank you. -
RE: Gifted Money from My mother overseas account
Hi,
There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here (Tax on savings interest and Tax on dividends).
Thank you.