HMRC Admin 25 Response

Hi Bob Bell,
Please refer to guidance here:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet
Thank you. 
 

Hi Jackie Tong.
Sorry no, as the new rules dont come into effect until 06/04/25.
Thank you. 

Hi User12349adc,
Please refer to guidance here:
HS321 Gains on foreign life insurance policies (2024)
As this relates to foreign policies, this would reflect that you are UK resident at the time of surrender/withdrawal.
Thank you. 

 

Hi Bob Bell,
Capital gains tax is only due when an asset has been disposed of.
Foreign Tax Credit Relief is only applicable if UK tax is due on the same source of income.
From your  comments, as the property has not been sold, no UK CGT is due so no foreign tax credit would be appliable.
Thank you. 

Hi asm2545w,
Please refer to guidance here:
Tax on your UK income if you live abroad
Thank you. 

Hi Gwyndy,
Please refer to:
Shares and Capital Gains Tax (Self Assessment helpsheet HS284)
On how to work out any gain/loss. if a loss, the in year loss must be used first against any other capital gain made even if that means you lose out on the annual exempt amount.
If the loss is higher than your gain for the year, unused losses can be carried forward but that is for you to work out any figures.
Thank you. 
 

Hi Sky Blue,
You are correct.
Thank you 

Hi Douglas,
As you already have exemptions on the UK pensions, you do not include these in your tax return.
Thank you. 


 

Hi taxiscomplex,
Please refer to:
Shares and Capital Gains Tax (Self Assessment helpsheet HS284)
And the link for example 3
Thank you. 
 

Hi Bob Bell,
Sorry but HMRC cannot comment on future events as legislation and/or plans may change.
Thank you.