HMRC Admin 25 Response

Hi TC,
You are correct. you can claim Foreign Tax Credit Relief to reduce any UK tax bill in respect of the rental income.
The relief due cannot exceed the amount of UK tax for the same source of income.
Please see guidance here:
Relief for foreign tax paid (Self Assessment helpsheet HS263)
Thank you. 

Hi Stephen,
Please have a look at the guidance on helpsheet:
HS300 Non-residents and investment income (2024)
UK dividends will be taxable in the UK, but as a non UK resident, they are considered disregarded income.
Thank you. 
 

Hi Cullingworth,
HMRC cannot comment on future events as legislation and/or plans may change,
Based on current guidance, as the English home is your main residence, no Capital Gains Tax would be due when sold.
Thank you. 

Hi Paulie,
This depends on how much of your income comes from dividends, and how much comes from savings interest.
Information on the tax that would be due on your dividends can be found here:
Tax on dividends
Details on interest savings tax can be found here:
Tax on savings interest
Thank you. 

Hi Elvira,
While it is unlikely that any update to the interest figure would cause a change to the overall calculation, if any additional tax is due, we would contact you to discuss this.
Thank you. 

Hi paul,
Yes, all foreign income or capital gain, must be declared in a Self Assessment tax return (in pounds sterling) even if no tax is payable.
Thank you. 

Hi Dennis,
If the holiday home was for personal use only you do not need to update HMRC with her details.
If it was a rental, you need to contact us direct as personal details should not be posted on the forum.
Capital Gains Tax and Inheritance Tax depends on whether you own the property as joint tennats ot tennats in common.
If joint tennats, you do not need to do anything.
If tennats in common there may be Capital Gains Tax implications and you should contact HMRC direct.
Thank you. 

 

Hi A Tse,
Please have a look at helpsheet HS321:
HS321 Gains on foreign life insurance policies (2024)
Thank you. 
 

Hi ms hugo,
As there are multiple chargeable events, you are unable to use an online tax return.
A paper return is required.
You can download the supplementary pages here:
Self Assessment tax return forms
For each gain, we require the amount of gain and the number of years the policy was held or since the last gain.
We are required to manually calculate any top slicing relief that may arise, which is why a paper return is necessary.
You can work this out for yourself, should you want to, by following the guidance here:
IPTM3840 - Top slicing relief: how relief is given
Thank you. 

 

Hi David,
As they are all in the same company you would treat this as a S104 holding and  just use an average price.
Shares and Capital Gains Tax (Self Assessment helpsheet HS284).
Thank you.