HMRC Admin 17 Response

Hi,
 

There are no income tax implications on cash gifts from family. You are not required to declare this as income.   However please also enquire with the Inheritance Tax office incase this is subject to inheritance tax in the future - : Inheritance Tax: general enquiries  . Thank you.

Hi,
 

You will not pay tax on the cash gift however you will be liable to report any interest that may arise from your bank account.

Thank you.

Hi,
 

The Foreign interest and dividends should be included on the SA106 on page F2.

Thank you.

Hi,
 

Yes this is the same process, you apply via the same link.  If you have been resident in the UK from 2016 you can request this date on the application.

Thank you.

Hi. The Zero rating for energy saving materials involves the supply/installation of energy saving goods. If solar panels are only supplied then the liability will be 20% but if they are supplied and installed then the liability would be zero rated for both the goods and the installation of the goods. Please see the guidance below: Energy-saving materials and heating equipment (VAT Notice 708/6)   . Thank you.

My company sells solar panel products. Now we use 20% vat. The government announced cutting VAT from five percent to zero upon installing energy-efficient systems such as solar panels,heating pumps from April 2022. I wonder if the vat rate is down to zero for solar products as well? many thanks.

Hi,
 

Please note there are no tax implications re: the transfer of savings from an overseas bank account to a UK bank account, so you will not have to report the transaction to HMRC. Thank you.

Hi,
 

To be considered for Split Year Treatment, you have to (a) register for Self Assessment and (b) complete the Residence pages of your 2022 Self Assessment tax return, which you can complete online.  See link: Register for Self Assessment    .

Thank you.

Hi, I own a property with ongoing mortgage. I met my wife after purchasing the property. I work and pay income tax from my regular salary. On top of that I pay additional tax for the rental income. My wife doesn’t work at the minute. I pay for all her expenses. Wanted to know if I can transfer all or part of the rental income to my wife name even if the property is in my name not in joint name? Thanks

Hi,
 

Please note that cash gifts from overseas are non taxable, so you would not have to declare the amount received.

Thank you.