HMRC Admin 25 Response

Hi Elena
Yes, the default taxation method in the UK, is the arising basis on your world-wide income.
The UK / Italy tax treaty gives Italy the right to tax your Italian income from property first.
You would declare this foreign income in pounds sterling in your Self Assessment tax return and claim a Foreign Tax Credit of up to 100% of the foreign tax paid.
This prevent you paying the same tax twice (double taxation).
Thank you. 

Hi modemode,
If you have paid too much into your ISA's, you are not required to do anything to correct the situation.
HMRC will write to you after the end of the tax year in question.
Thank you. 

 

Hi Hexham78 Retired,
You can get proof of registration here:
Manage your trust's details
To use the online service, will require that you obtain a personal government gateway user ID and password.
You can do this here:
HMRC online services: sign in or set up an account
If for some reason, you cannot obtain this, you would need to contact the trust helpline:
Trusts
Thank you. 

Hi joyce6557,
It would be your share so the 350k.
The payment due in July 2024 is the payment on account for the 24/25 tax year as you are paying in advance.
Thank you. 

Hi mooeyp,
No, you would not get all the tax back you paid.
You would get relief on your pension contributions but only on the amount that you are in the higher rate tax band.
No, you would not get your interest tax free.
If your wife's only income is the £10K then yes she would receive the starting rate for savings.
You can find out more here:
Tax on savings interest
Thank you. 

Hi Peter Knox,
You will need to contact HMRC to review:
Self Assessment: general enquiries
Thank you. 
 

Hi Trevor Turner,
As this income is covered by the £1000 trading allowance, you do not need to declare it on your Self Assessment tax return. 
You can find out more here:
Tax-free allowances on property and trading income
Thank you. 

 

Hi EAPFH95 Hemsworth,
Please refer to:
Tax on foreign income
Thank you. 

Hi Jimmo,
A price would have been given at the time of transfer.
If gifted from someone other than your spouse/civil partner, it will be the value at date of transfer.
If from your spouse/civil partner it is what they originally paid.
Thank you. 
 

Hi Mary Upritchard,
Please show as other earned income with tax deducted if this is UK income.
Thank you