HMRC Admin 25 Response

Hi Aahmed86,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you. 

 

Hi Spike Sticks,
It is the market value price.
Please see guidance here:
Tax when you sell shares
Thank you. 

 

Hi Maulidina,
Please refer to:
Tax on your UK income if you live abroad
Thank you. 

Hi Bart,
By default, you are required to declare your world-wide income using the arising basis.
This means that you need to declare your foreign property income and claim a Foreign Tax Credit of up to 100% of the foreign tax paid.
The alternative is you claim the remittance basis and only declare your UK income and any remitted income.
Have a look at section 9 of RDR1:
Guidance note for residence, domicile and the remittance basis: RDR1.
Whichever option you chosse, both options are declared on a Self Assessment tax return.
Thank you. 

 

Hi SSS,
1& 2.declare this as self employment.
3. As you state India will refund the tax deducted you do not claim relief in the UK.
4. Please refer to:
Expenses if you're self-employed
5. Please refer to:
HS321 Gains on foreign life insurance policies (2024)
HMRC cannot provide answers to specific questions on this forum as it is for general guidance only.#
Thank you. 

 

Hi UKAbroad,
You can register to file an online Self Assessment return and then complete the SA100 AND SA109 residence page.
You will need to use 3rd party software to file the return online:
File your Self Assessment tax return online
Thank you. 

Hi J,
Not if the transfer was done after 5/4/88
Please see guidance here:
CG65550 - Private residence relief: dependent relative: introduction
Thank you. 

 

Hi Suresh,
It is the gain on the policy that is taxable and would be declared in the foreign section (SA106).
As a UK tax resident, you are taxed on your world-wide income, by delcaring it in a Self Assessment tax return.
If you were born outside of the UK, then you are non domiciled for UK tax purposes.
This does not need to be declared, unless you wish to apply the remission basis of tax.
This can only be done on a paper tax return (SA100) and is declared on SA109, which can be found here:
Self Assessment tax return forms.
Thank you. 

 

Hi 
If there is no contract of employment, then any work can be treated as self employed.
If your turnover exceeds £1000, you will need to register as self employed:
Register as a sole trader
Thank you. 

Hi 
Capital gains arises where an asset is disposed for more than it was acquired for.
Who will pay the capital gains tax, depends on who owns the property at the time it is disposed of.
You may wish to speak to Inheritance Tax regarding any Inheritance Tax implications:
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
Thank you.