HMRC Admin 25 Response
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RE: Capital gains tax on a house sale in joint names
Hi trevrington,
As the disposal is by two people, there will need to be two capital gains calculation, one for each person, relating to their share of the asset.
If you are husband and wife or civil partners, you have the choice of splitting the asset 50/50 or by your legal and beneficial percentage of ownership. For everyone elese, it is only split by the legal and beneficial ownership value.
Please have a look at the guidance at CG15250:
CG15250 - Expenditure: incidental costs of acquisition and disposal
For details of allowable expenses of acquisition and disposal.
Please also have a look at CG15150:
CG15150 - Expenditure: introduction
Onwards for guidance on determining a capital allowance and a revenue expense.
Revenue expenses cannot be set against a capital gain.
Thank you. -
RE: Claiming EIS Income Tax Relief via Self Assessment for Investments which don't have a EIS cert
Hi Jishnu,
Yes, you are correct.
Thank you. -
RE: Sale of Plot of Land
Hi Jane,
If the land is considered to be residential, then the CGT rate would be 24%.
If it is deemed non residential land, then the rate would be 20%.
Please have a look at the guidance here:
SDSLTM00440:
SDLTM00440 - Scope: what is chargeable: land transactions: garden or grounds - definitions
Onwards for more information.
Thank you. -
RE:Tax refund for deceased person
Hi Lynn,
You will most likely receive the refund shortly, though this can depend on whether anything else regarding your father's record needs to be finalised. For us to confirm this and the progress of the refund, you can contact us by webchat here:
Income Tax: general enquiries
Just click 'ask hmrc online'
Thank you. -
RE:Travel Expenses - Mileage
Hi domi-nika,
Please have a look at the guidance here:
Ordinary commuting and private travel (490: Chapter 3)
Thank you. -
RE: Is Money transfer from oversea taxable
Hi Juno,
As the savings in the account did not arise when you were resident in the UK, it is not taxable if you transfer it to the UK.
Any interest that the savings in the account generated, while you are resident in the UK, are taxable in the UK and should be declared.
Thank you, -
RE: Maximum tax free savings interest
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RE: Tax on Compensation?
Hi ApplePear French,
Please see guidance here:
How the public service pensions remedy affects your pension
Thank you. -
RE: Overseas Remote employee for a UK based employer
Hi agarg,
If your employer is happy for you to do this then no.
Thank you. -
RE:Private Residence Relief on inherited house whilst living abroad
Hi Chrissy Gooders,
Your main residence would appear to be in the Netherlands, as this is where the dwelling in which you habitually live in is located: in other words, your home.
With that being the case, Private Resident Relief would not be available.
Please have a look at CG64427:
CG64427 - Private residence relief: only or main residence: meaning of residence
Thank you.