HMRC Admin 25 Response

Hi Rayne,
If unable to claim the repayment online then you will need to contact HMRC to make the repayment into your bank account.
Income Tax: general enquiries
Thank you. 

Hi ZAELA,
You will need to contact the Child Benefit team to confirm this:
Child Benefit: general enquiries
Thank you. 

Hi js2,
Yes, you are correct. 
Thank you. 

Hi Ians,
Joint interest is by default split 50/50 between spouses and civil partners.
The alternative is a split based on beneficial ownership of the interest.
This is made using form 17 and a declaration of trust, both of which, are submitted to HMRC withing 60 days of the form 17 being signed.
If your wife's income, including interest is below £17570, then she is entitled to claim her Personal Allowance and up to £5000 starting rate for savings.
Thank you. 
 

Hi Pink105 Pink,
To work out if your income is over the threshold for child benefit, you'll need to work out your 'adjusted net income'.
Your adjusted net income is your total 'taxable income' before any allowances.
As your armed forces pension, in respect of injuries sustained in service, is not taxable; it should not be included when calculating your adjusted net income.
Please have a look here:
High Income Child Benefit Charge
And what counts as income here
Income Tax: introduction
Thank you. 

Hi Kolif,
Gilts' and 'Gilt strips' are not subject to Capital Gains Tax.
While waiting for the the gilt to mature, the investor is paid interest at a fixed rate, known as the 'coupon'.
This is reported as interest on a self assessment tax return (SA101).
The difference between the buying price and the selling price is also interest and is declared on SA101, boxed 1, 2 and 3 of page Ai1.
Have a look at HS343 to see if the accrued income scheme is appropriate.
Accrued Income Scheme (Self Assessment helpsheet HS343)
Thank you. 

Hi CCough37,
If the pension contributions are taken from your gross wage before the tax is calculated then relief would already be given and your salary reduced.
If salary sacrifice then again will already have been taken from your gross wage.
If you make contributions from your net wage then this would reduce your adjusted net income:
Personal Allowances: adjusted net income
Thank you. 

Hi TL827,
Form 17 would not be appropriate in situastions where joint ownership of an asset, is outside of married couples and civil partners.
You would need to send the declaration of trust to HMRC, for it to be considered.
Please have a look here:
TRSM23050 - Types of trust that need to be registered: contents: excluded express trusts: contents: property ownership
For the types of trust that need to be registered.
As you will be 100% owner of any interest arising from the account, you would declare 100% of the interest in a Self Assessment tax return.
Thank you. 

Hi JithinJose2409,
At the tax year end the bank and building societies will submit the untaxed interest details to HMRC.
Your tax records will then be reviewed and if you have underpaid your tax a calculation will be issued to you.
Normally the tax would be collected as a dedcution in a future tax code.
If you want to make a direct payment you can contact HMRC for advise once the calculation has been received.
Income Tax: general enquiries
Thank you

Hi Pines12345,
As long as there is a tax treaty confirming that the pension is not taxable in the UK, NT code can be applied.
If the tax treaty covers lump sums and full relief is available, there is no limit.
Tax code NT would remain in place until it is no longer appropriate.
Applications for NT code and tax free lump sums must be made using a DT individual form, which can be found here:
Double Taxation: Treaty Relief (Form DT-Individual
Thank you.