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  • RE: FHL COVID Grants


    Hi, 
     
    These will go on the 20/21 form.

    These are not available yet.

    Once they become available after the end of the tax year, please contact again for advice. 

    Thank you.
  • Re: Employee taxes on shares from eToro platform


    Hi, 
     
    We cannot answer the question regarding the stamp duty on this forum.

    You may wish to ask the platform for proof of payment if you need this going forward.

    The shares themselves do not need to be reported, but any Capital Gains tax on profit when you sell would need to be reported.

    You will only need to report these if the gain is above the Capital Gains exemption amount.

    This is seperate to your personal allowance.

    See guidance here on reporting and working out gains https:

    Capital Gains Tax.

    Any dividends you receive from these shares can be reported to us through your personal tax account if you have one or you can write to us or call us to advise:


    Personal tax account: sign in or set up.


    Guidance on CDF's can be found here.

    Tax on these would fall under Capital Gains:

    Capital Gains Manual.

    Thank you.
  • Re: FHL New Window Expenses



    Hi, 
     
    If this is a modern day equivalent to what was already there then this would be an allowable expense.

    Thank you.
  • RE: Loan secured by a fixed term deposit saving account


    Hi

    Viha, 
     
    As mentioned generally speaking loans are not taxable so this would not need to be entered on the return. 

    Thank you.
     
  • RE: HELP - SELF ASSEMENT SA690 !


    Hi

    Richard Franklin,
     
    The rules are the same for each year so the 19/20 is the most up to date helpsheet at the moment, but it can be used for 20/21.

    If it is for 20/21 then you cannot complete the return at the moment.

    Once the return is available for 20/21, the helpsheet will also be available.

    HMRC cannot however work this out for you but if the helpsheet and guidance are not providing the answer for you, it may be worth contacting us to speak to
    one of our technical officers to explain in more detail how to calculate this out.

    Thank you.

     
  • Re: Loan secured by a fixed term deposit saving account


    Hi

    Viha, 
     
    Loans are generally not taxable.

    However the interest in the fixed terms deposit will still be taxable if accrued.

    You will not need to declare the loan for tax purposes but you will still need to declare the interest.

    Thank you.
  • Re: Tax on gift from abroad


    Hi, 
     
    This gift or money itself will not be taxable for income tax.

    However, if it accrues any interest while in the bank account then this could potentially be subject to tax based on the amount of interest accrued. 


    Thank you
  • Re: Tax for foreign insurance policy


    Hi, 
     
    You would need to consult the policy holders to determine the conditions of the policy and whether they would class this as a chargeable event, etc.

    In terms of any gains in the year in which you enter the UK, you may wish to check your residency status first. Guidance on this can be found :


    RDR3 Statutory Residence Test .

    Thank you.
  • Re: Cryptocurrency


    Hi, 
     
    This can be a complex area.

    Guidance on capital gains and cryptocurrancies can be found here.

    If this guidance does not provide a satisfactory answer then you may wish to call our helpline and speak to one of our inspectors as each case would need reviewed on an individual basis. 

    Thank you.
  • Re: 401K Distribution for UK Resident


    Hi, 
     
    401K payments are treated as pension payments:

    Double Taxation Relief Manual

    and are therefore taxable in the UK if the recipient is a UK resident for tax purposes.

    If this is already taxed in the US, the foreign tax credit releif can be given in the UK to avoid any double taxation. 

    Thank you.