HMRC Admin 17 Response
Joined: 1/20/2021
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RE: Money transfer
Hi
Polly Pang,
You would not need to declare this for capital gains purposes but as a UK resident you will be required to pay income tax on the interest,
even if this money is held abroad.
Further information on foreign currency if held as an asset however can be found here :
Capital Gains Manual .
Thank you. -
RE: Money transfer
Hi
NoelM ,
No there is no income tax implications on this unless there is an agreement where he is paying you back interest as well.
Thank you. -
RE: Transferring personal money to UK
Hi,
For income tax purposes, yes this is all you would need to do.
As advised though, if you have previously not delared this income to us due to the remittance basis then t
his will become taxable when brought into the UK.
Thank you. -
RE: Transferring personal money to UK
Hi,
There would be no income tax implications on this unless you have previously claimed the remittance basis on this income
that you are now bringing into the UK.
If the money generates any interest in a bank however, this would be reportable for tax purposes.
Thank you. -
RE: Cash gift from parents outside UK
Hi,
There are no income tax implications on the transfer of the money but if this generates any interest at all in a bank account
then this would be reportable for income tax purposes.
Thank you. -
RE: UK Tax on Australian Superannuation
Hi,
If you are unsure whether your payments are classed as lump sums or not and the guidance provided here does not clarify then you would need to send in the paperwork to ourselves so we could review this further.
The term lump sum is not legally defined and so we can only interpret the meaning and following discussions with the Tax Treaty Team, we have adapted our understanding:
A lump sum should be a payment that is not a periodic payment.
This may not empty the pot, and a taxpayer may have more than one lump sum payment.
Example – If a taxpayer receives monthly pension payments and then takes out a larger payment as a one off from the same pension pot, whilst continuing with regular monthly pension payments, then this one-off larger payment can be considered a lump sum as it is not a regular periodic payment.
However, if a taxpayer has a pension fund which only requires an annual distribution of a certain percentage (eg 4% payment annually)to be made, then even though this is only once a year, it should be considered a pension as it is their periodic pension.
If the payment is a periodic payment, then this would only be taxable in the UK. The 25% rule applies to UK pensions.
Thank you. -
RE: UK Tax on Australian Superannuation
Hi
Tony Simpson,
We are unable to provide financial planning advice or give advice on hypothetical situations.
However, as a UK tax resident you would be expected to report your worldwide income to the UK, including pensions
unless there is a specific clause in the tax treaty to state otherwise.
Australian pensions are generably taxable in the UK.
See Link:
UK/ AUSTRALIA DOUBLE TAXATION CONVENTION .
This is not dependant on whether the money is brought to the UK.
Thank you. -
RE: Money transfer
Hi,
Please see guidances here :
Check if you need to pay tax when you sell cryptoassets
and :
Capital Gains Manual
to see if you need to pay tax on this .
Thank you. -
RE: Money transfer
Hi,
If this is classed as a redundancy payment then the first £30K would be tax free in the UK.
Guidance on taxable lump sum payments from employers can be found here.
If this is not a redundancy payment then it may be taxable in the UK.
See link:
Employment Income Manual .
Thank you. -
RE: Certificate of Residence for tax purposes
Hi,
The current timescale is 2 weeks for online requests, if you received the email confirmation of receipt and it's been longer than 2 weeks
I would contact our taxes department. See link:
Income Tax: general enquiries .
Thank you.