At the Capital Gains Tax summary notes here:
It states 'Fill in the ‘Capital Gains Tax summary’ pages if: you sold or disposed of chargeable assets which were worth more than £49,200'.
My mother has give me money as cash gift, in both GBP and in foreign currency as well, which are much more larger £49,200 than.
At the same time, I had also transferred money back to her, it is also a large amount in foreign currency, but lesser than £49,200.
Actually, those cash gift and transactions are only for our family expenditure purpose.
I would ask to ask:
1 For my mother, is she need to mention it at the form SA108? If yes, is it on the Box 14-22?
2 For me. am I need to mention it at the form SA108? If yes, is it on the Box 14-22?
Thanks for your explanations.
I am asking this, that is because at here:
'You usually have to pay Capital Gains Tax when you sell or give away:
most personal possessions worth £6,000 or more (apart from your car)
any other assets, such as shares or a holiday home'
It seems something relevant to my parents who gave me the cash gift.
Are they also no need to pay capital gain tax for it and no need to mention it at the self-assessment?
So, as a gift receiver, the cash gift for me is not liable to income tax and capital gain tax.
Is it also not liable to income tax and capital gain tax for my parents who gave me the cash gift?
If so, am I and are my parents, all no need to mention the cash gift at the self-assessment?
1 At here:
There are three kinds of self-assessment. I am not employed and my only income is saving interest. Am I considered as 'not self-employed'?
2 I might miss the deadline (5-Oct ) for registering for self-assessment due to some difficulties of setting up government gateway account. If so, What could I do after that? Could I still register for it even after 5-Oct?
3 Is it no need to apply for government gateway account if I using register in paper form?
Thanks for the reply.
So, are the gifts of cash also not liable to capital gain tax for both me and my parents?
Secondly, the cash are held in a bank account in the Isle of Man. Is the interest generated considered as UK or foreign interest?