HMRC Admin 25 Response

Hi Vinicius Marques Stocco,
You do not need to pay tax on the transfer of the capital.
You may be liable for any interest or dividends this then generates.
Thank you. 
 

Hi DavidCheung89,
Although you arrived in the UK part of the way through the tax year, you are entitled to personal allowances of £12570 for the full tax year. As you have not used the tax free allowance from April to November, it has built up and at this time, is more than your income, so no tax is payable, yet.
This may change depending on how much you earn.
If you earn more than £12570 between November and 5 April, you will have some tax to pay and none if you earned less.
Thank you. 

 

Hi Safi,
You would need to send details in writing for this to be looked at
HMRC PAYE & Self Assessment BX9 1AS
Thank you. 

 

Hi Zoe,
If you are resident in the UK when you remove the money from the trust.
You may have to pay capital gains tax on the gain in the UK, when you declare the gain in a Self Assessment tax return.
To avoid double taxation, you can claim a Foreign Tax Credit Relief (FTCR) of up to 100% of the foreign tax paid.
This will mean you do not have to pay the same tax twice.
Interest arising from the money from your French savings account will be taxable as foreign interest in the UK.
If you paid tax on this interest in France, you can claim up to 100% FTCR, so that you do not pay the same tax twice.
Thank you. 

 

Hi sean41186,
Please refer to:
Interest on savings for children
You would need to check the account is in your name only and not showing as 'for' your child. 
Thank you. 

 

Hi andy20,
There is nothing that you would need to do, until you dispose of them.
Only then would you be looking at the acquistion costs, to work out if there is any capital gain.
Even then you would only have to report the gain, if you have capital gains tax to pay.
You can report and pay your capital gains here:
Report and pay your Capital Gains Tax
Or in a Self Assesment tax return.
Thank you. 


 

Hi VVpp1!,
Please have a look at the guidance here:
Tax on foreign income
Thank you. 


 

Hi yossarian yossarian,
If you 2024/25 tax code is also showing an underpayment to be collected then we will need to access your record to review this for you.
You can contact HMRC:
Income Tax: general enquiries
Thank you. 

 

Hi Emily Holdsworth,
If you contact HMRC we can then transfer you to the student loan department witihn HMRC to review this for you.
Income Tax: general enquiries
Thank you

 

Hi Ajay Viki,
If he is using it as his main home, based on current guidance no tax is due.
However, you have Capital Gains  Tax to pay now when you gift the property to him.
Thank you.