HMRC Admin 25 Response

Hi Macca32,
Please have a look a the guidance on offshore funds at HS265.
HS265 Offshore funds
Thank you. 

 

Hi Puzzled,
To confirm, as the interest that was paid, arises in the current tax year, your claim will be for the current tax year 24/25. #
Thank you. 



 

Hi CHI HO CHIU,
1. Yes, SA100 can be submitted online> 
2.You need to tailor the your tax return at section 3 to suit your types of income. 
Please see further help here: 
How do I tailor my Self Assessment tax return?
Thank you. 

Hi wilmotx4 Wilmot,
You will have a gain to pay if there has been an increase in price.
You need to have a value at the time the house was put into your names and this is your purchase price (your share).
Please see guidance here:
Report and pay your Capital Gains Tax
Thank you. 

 

Hi Auckland Jayne,
The transfer of married allowance is a cash deduction of up to £252.00 in the calculation after your liability is calculated.
Once you have exceeded your personal allowance plus starting rate, you will pay tax on your interest.
The transfer of marriage allowance will reduce this liability by up to £252.00.
Interest from ISA accounts is not taxable.
Thank you. 

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

 

Hi Frank,
For cash basis purposes, you use the date that the money goes into or comes out of your account.
Please see more guidance here:
Cash basis
Thank you. 
 

Hi khards,
You will need to check with the trust helpline here:
Trusts
Regarding  any need for a  tax return.
As you have declared the sale online, you should have already received a repsonse advising of any tax to pay.
Thank you. 

Hi Wojciech,
As the promissory note is seen as a loan, please refer to:
HS296 Capital Gains Tax and Debts (2024)
Thank you. 

 

Hi Dieselpus,
You are  correct.
Thank you.