HMRC Admin 17 Response
Joined: 1/20/2021
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RE : CGTax liability on my home if I buy a second property to renovate and move into before selling
Hi ,
When you acquire a second or more properties, you will be required to write to HMRC and nominate which residence will be your main residence for private residence relief.
You have 2 years in which to do this, after which HMRC will decide for you, based on the facts of the case.
Please have a look at :
CG64420 - Private residence relief: only or main residence: introduction: residence
onwards, which cover private residence relief.
Thank you . -
RE: Report foreign income for remittance basis
Hi ,
The guidance notes for SA109
(: Residence, remittance basis etc notes )
advise that 'you must fill in boxes 34 and 35 if you’ve put ‘X’ (only) in boxes 28 (claim for remittance basis),
31 (If you were UK resident of 12 of the past 14 years) or 32 (1f you were UK resident of 7 of the past 9 years)'.
Box 40 is used to show a breakdown of these values.
The figues in boxes 34 and 35 are not included in any calculations, but are a record of what was unremitted as shown in box 40.
Thank you . -
RE : Calculating CGT on sale of jointly owned property when spouse dies 20 years abo
Hi ,
As there is no income / capital gains tax liability from the transfer of assets between a husband and with, the 50% share is transferred at the acquisition cost.
This means the husband acquired the 50% share at the value paid in 2002.
He now has 100% of the property acquired at the value in 2002.
Thank you . -
RE : Upon what date does CGT become due (and be calculated) on a gifted property?
Hi ,
The completion date is when the property transfers to the other person.
Any gain, should then be reported and paid within 60 days of the completion date.
Thank you . -
RE : Self employed or employed?
Hi ,
Unfortunately, it is not possible to review personal matters in this forum.
For individualised assistance please contact our self assessment helpline or contact our webchat:
Self Assessment: general enquiries .
Thank you . -
RE : Child Benefit
Hi ,
As long as you requested not to have non PAYE income included in the tax code then your tax code will not be amended
to collected the high income child benefit charge, HICBC.
If you tax code has been amended then you will need to contact HMRC to review :
Self Assessment: general enquiries .
Thank you . -
RE : Clarification on Foreign Dividends and Foreign Tax Credit Relief
Hi ,
If you are completing the tax return online, there are up to 20 lines.
For a paper tax return, please attach a page to SA106, details the dividends from each country in the same format, as shown on SA106.
In this way, the total in box 6 will match the dividends declared.
If special witholding tax is deducted, the total deducted in declared in box 5 and a 'X' stating you wish to claim a FTCR.
If UK tax is payable on the dividends, then you claim a tax credit in box 2.
If no UK income tax is payable, then there is not credit, as there is nothing to set it against.
Thank you . -
RE: sold a foreign residential property for rent and recorded a loss
Hi ,
Yes, you can gift crypto to your wife at your acqusition cost and she can set her loss against this gain.
The loss can be carried forward to a future tax year, so the gain does not need to be in the same tax year as the loss arises.
Thank you . -
RE : Reporting an investment disposal
Hi ,
"You can submit your tax return now if you want and include estimates for this income / capital gain.
You tick the box to state there are provisional figures in the return.
You can then amend your return at a later date to declare the actual figures.
This will allow you to submit the return by the due date of 31 January and pay the tax, to avoid penalties and interest
and give you the time necessary to obtain the actual figures.
Thank you .
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RE: BIK Private Medical Insurance
Hi ,
I would suggest in order to discuss this in more detail and to ensure everything is clear for you,
you contact us on 0300 200 3200 .
Thank you .