HMRC Admin 25 Response

Hi Emil Langiewicz,
We would need to access your record to review the calculation.
You can call or webchat here:
Self Assessment: general enquiries
Thank you. 

Hi D629597,
The actual sale of the shares is not earnings unless they are part of your P60 income.
Thank you. 

Hi PooMcGoo90,
When you complete your 2023/24 Self Assessment tax return you will declare the tax deducted at source which will gvie you the credit for the tax already paid including any underpayment coded. 
Thank you. 

Hi 
As this has been your main residence there is no tax implications on you gifting the property
However, if it forms part of your estate if you were to pass away within 7 years, please see further guidance here:
How Inheritance Tax works: thresholds, rules and allowances
We cannot comment on future events as legislation may change.
You would need to speak to a solicitor regarding any transfer.
Thank you. 
 

Hi akbarusmani,
This would be seen as a sale and it is you who would pay the Capital Gains Tax at the time of gifting.
As it is a UK asset, yes it falls within the Inheritance Tax 7 year rule.
Thank you. 

Hi fciao woo,
As you are not resident in the UK, no.
Thank you. 

Hi rugbyplayer123,
1. Yes this will be seen as a capital gain for the sale of the shares.
2. The capital gains section/SA108
3. Please refer to guidance here:
Shares and Capital Gains Tax (Self Assessment helpsheet HS284)
Thank you. 

Hi Stephen Lane,
As long as it is sold within 3 years of him moving the the sheltered accomodation (the 2nd time) then full Private Residence Relief will apply and no  Capital Gains Tax will be due.
Thank you. 

Hi burger22a Edgar,
Please refer to guidance here:
HS283 Private Residence Relief (2024)
Thank you. 

Hi Paddy Kelly,
The tax years quoted are most likely years the taxpayer was due to file a tax return for, but remained unfiled, and which we were then unable to contact the taxpayer about.
When the taxpayer reopened their record, the oustanding years will have been reactivated, and the penalties you now see calculated.
To confirm this, and to allow us to correctly advise you on how to proceed, we would need to access your client's record.
Contact us by webchat or phone here:
Self Assessment: general enquiries
Thank you.