HMRC Admin 25 Response

Hi Megz,
Please refer to guidance here:
HS283 Private Residence Relief (2024)
Thank you.

 

Hi Marcin,
No taxes would be due as long as the property is sold within 9 months. if not, you may be liable for capital gains.
Please see guidance here: 
Report and pay your Capital Gains Tax
Thank you. 

Hi peterthompson,
On the form it asks if you are claiming other reliefs.
Answer yes and it will then ask further questions, you will put the code BADR and the amount in order to reduce the gain as the system will still tax any gain at 18 or 24%.
Thank you. 

 

Hi DCO9753,
You take the 50% share of the value when purchased and the other 50% of the value at the time your father passed.
Added together this is the purchase price.
Thank you.


 

Hi Steve,
Yes. This would also be considered pension recycling.
Please see guidance here:
 PTM133810 - Unauthorised payments: Deemed or specific situations that are unauthorised payments: recycling of pension commencement lump sums: overview 
Thank you.

 

Hi Skinny,
1. If you are not the legal or beneficial owner of the property, you do not have any gains to report
2. Your parents will report on the SA108
3.Refer to guidance at:
Capital Gains Tax summary notes
(this will update to 24/25 after 06/04/25)
Thank you. 

 

Hi Jamesgr George,
HMRC cannot comment on future events as legislation and/or plans may change.
Thank you. 

Hi NZAINA,
The 60 day rule only applies to UK residential property.
You will declare the foreign property gain in your 24/25 tax return.
Thank you. 

Hi dingdong,
You must fill in boxes 34 and 35 if you’ve put ‘X’ (only) in boxes 28, 31 or 32.
 The Remittance Basis Charge (RBC) is Income Tax, Capital Gains Tax, or a combination of both, charged on unremitted foreign income  or gains on the arising basis.
hen you pay the RBC you must tell us on what income or gains the RBC is chargeable by nominating the appropriate income or gains.
You do this by putting the amount of nominated income in box 34 or the nominated foreign gains in box 35.
Tell us about your nominated income and gains in the ‘Any other information’ box, box 40.
To work out the amount of nominated foreign income, you must convert the income into UK pounds using the exchange rate at the time the income arose.
If you’re not sure, ask your tax adviser.
If you’re calculating your own tax, include the Income Tax or Capital Gains Tax elements of the RBC in your total tax amount.
If you’re using the ‘Tax calculation summary’ page add either 
£30,000 or £60,000 to the amount in box 1.
Do not forget to show the loss of allowances and AEA in your tax calculation.
If you’re liable to pay the RBC you must put a nominated figure of at least £1 in either box 34 or box 35.
Thank you.

 

Hi peterthompson,
As you have no evidence, you can only provide a reasonable estimate of what these costs were. providing the breakdown of what these are should be included in your report. you cannot claim expenses for your own time.
Thank you.