HMRC Admin 25 Response

Hi Rita17072024,
This sounds more like an insurance policy.
Please see guidance here:
HS320 Gains on UK life insurance policies (2024)
Thank you. 

Hi opsa519,
If you need the paper tax return you can contact the orderline:
Self Assessment: forms ordering.
You can also submit the tax return using 3rd party commercial software:
Self Assessment commercial software suppliers
Thank you. 

Hi Cooper,
As the payment is from your employer, the income should be shown in the employment section if it is included in your P60.
You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'. ERSM20193 advises that when RSUs payout at the market value on what is called ""dividend equivalents"" in either cash or shares, such payments will generally be taxed as earnings in the year they are received.
ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents
Thank you. 

 

Hi Joanne,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you.  

 

Hi lizmcphil,
We will need to access your record to review this for you.
You can contact HMRC:
Self Assessment: general enquiries
Thank you. 

Hi David,
Please refer to:
HS345 Pension savings — tax charges (2024)
Thank you. 
 

Hi Ken Dunn,
HMRC cannot advise on when legislation is updated.
Thank you. 

Hi mailgvuk1,
If the account is in the UK this would be UK income and need to be declared if it gnerates anything or is used to pay for anything.
Thank you. 

Hi Wai Nang Chin,
You will not have the personal tax allowance (PA)  for tax 23/24.
You will be able to claim the PA after that if you are a UK resident.
Thank you. 

Hi Nando89,
That is correct. for the gilts, please see:
CG54900 - Securities: Gilt-edged securities
Thank you.