HMRC Admin 17 Response
Joined: 1/20/2021
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When is CGT paid on property sale reported on SA?
Hi ,
As the property was sold in Spetember 2023, this is the 23/24 tax year.
You will therefore need to amend the 22/23 return to remove the capital gains info and
now include it with the 23/24 tax return .
Thank you . -
RE: UK-Italy, threshold for taxation
Hi ,
It is the Tax Treaty and your own residence status that would need to be considered for tax purposes.
Please therefore refer to :
RDR3 Statutory Residence Test .
Thank you . -
RE: Foreign Pension and Life Annuity Plan
Hi ,
1. If it is only taxable in Hong Kong it should not be included as any source of income on the tax return and
you would only make reference to it in the additional comments section .
2. Please refer to guidance at:
HS321 Gains on foreign life insurance policies (2024) .
Thank you . -
RE : CGT on property used for AST and FHL
Hi ,
In order to qualify for BADR it must have been a buisness for at least 2 years which is not the case for you.
Only the FHL period is the business and you have not had it for 2 years.
Please refer to :
Business Asset Disposal Relief .
Thank you . -
RE: NRE and NRO interest India
Hi ,
You can still claim the credit.
However as from your figures, no actual UK tax is due on the interest,
the credit would have no effect on your UK liability .
Thank you . -
RE : Tax implication for bringing overseas savings to UK from a previous job
Hi ,
From your comments about liquidating your investments, this sugeests selling.
As this is done whilst you are UK resident and bringing the money to the UK, this needs to be reported as capital gains here .
Thank you . -
RE : What section within expenses to put management fees?
Hi ,
This goes under legal management and other professional fees .
Thank you . -
RE: declaring and claiming a capital loss to be deducted from capital gains in the same year
Hi ,
By putting the losses in at box 27 this will automatically reduce any gain.
No entry is required at box 46 for capital losses .
Thank you . -
RE : Interest on non-UK government bond
Hi ,
As foreign income it should be on the foreign page but as its interest it is
also part of the savings allowance for tax purposes .
Thank you . -
RE: US Treasury Bond Gain upon maturity (with no bond interest)
Hi ,
US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than capital gains.
The return is paid at maturity rather than regular interest payments.
In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which
they were issued and the price received at maturity.
On a foreign investment the income is the difference between the purchase and redemption price after each has been converted
to sterling on the day the transactions took place, so includes any foreign exchange gains.
Losses cannot be deducted.
If you invest in deeply discounted securities, put the difference between what you paid for the bond and what you redeem
or sell it for in box 3 of SA101 (page Ai1 .
Thank you .