HMRC Admin 25 Response

Hi WH,
To convert the income into UK pounds using the exchange rate at the time the income arose, go to:
Exchange rates from HMRC in CSV and XML format
Thank you. 

Hi TBU24,
You do not use the 60 day reporting system as this is for residential property only.
You can use the real time system or declare in your tax return and the rate will either be 10% or 20%.
Thank you. 

 

Hi pinky,
Please refer to guidance here:
Self Assessment tax returns.
Thank you. 
 

Hi Kenneth123,
Deeply Discounted Securities’ (DDS) are government securities, commercial bonds and loan stock, where the amount paid on redemption is higher than the price at which they were issued.
The difference is the discount and represents the whole or part of the reward to the holder of the security for the use of the money borrowed by the security issuer.
Where certain conditions apply, the tax rules ensure that gains on such securities are taxed as income, rather than as capital gains.
SAIM3010 - Deeply discounted securities: introduction
If you invest in deeply discounted securities, put the difference between what you paid for the bond and what you redeem or sell it for in box 3 of SA101 (page Ai1). 
Thank you. 

Hi Win CHAN,
1. If paid in sterling, it is UK income.
2-4. Please refer to:
Paying tax on the remittance basis (Self Assessment helpsheet HS264
HMRC canot comment on future events as legislation and/or plans may change.
Thank you. 

Hi Thomas,
Sorry no, as the additional stamp duty was on the 2nd home and not the one that has been sold.
Thank you. 

Hi Celeste Langree,
Sorry, we do have a backlog but you can contact us here to chase this up:
Income Tax: general enquiries
Thank you. 

 

Hi Maryg,
If this is paid via your employment then it is only you who will pay tax on it.
Thank you. 

Hi Matt,
Please refer to guidance here:
Relief for foreign tax paid (Self Assessment helpsheet HS263)
Thank you. 
 

Hi jerrycan,
The gain is not taken into account when working out your PSA.
Thank you.