HMRC Admin 25 Response

Hi Darcio Fabri,
The acquisition cost is £100.
The disposal cost £120.  
The gain £20.
Thnak you. 

 

Hi Grzegorz Brzęczyk,
Yes, you would need to obtain the market value in pounds sterling, of the cryptocurrency at the time you are gifted it and the diposal value in pounds sterling at the time you dispose of it.
If the difference, minus costs is a positive number, you have a gain.
If you have unused annual exempt allowance to set against the gain, this will reduce the amount taxable.
You would report and pay your gain tax liability using the onine realtime transaction service here:
Report and pay your Capital Gains Tax
Or on a Self Assessment tax return if after 31 December after the tax year has ended.
Thank you. 

Hi Granitas Black,
HMRC considers the date of receipt, based on the method of payment.
Please have a look here:
PTM041000 - Contributions: essential principles,
To help you work out which tax year the payment should be declared.
Thank you. 

Hi D629597,
You would need to contact our PAYE helpline on 0300 200 3300 or contact our webchat facility here:
Employers: general enquiries
To request that your personsal allowances are repositioned against your pension.
You will need to confirm estimates of the amount of your pension and employment in the tax year.
Thank you, 

 

Hi Julia Moreno,
If your parents reside outside of the UK, they will have no UK tax to pay on the gift.
If you place the gift into an ISA, then any interest it generates, is not taxable.
Thank you. 

Hi LemonTop,
You enter the net amount of savings income on the form R185.
Self assessment will gross this up for you, when you complete your tax return trust page.
Thank you. 

 

Hi rajakkad maithan,
If you have to complete a tax return, then you need to report all dividends, both UK and foreign on your tax return, regardless of the amount.
If you have to complete a tax return for any other reason and the value of the asset disposed of exceeds £50000, then you must declare it in your tax return, even if there is no tax to pay.
Thank you. 

 

Hi D629597,
Please refer to the following guidance:
Tax on your private pension contributions
Thank you. 

Hi Bill Wood,
There is no requirement to notify HMRC of the transfer of capital assets from an overseas bank account to a UK bank account.
Thank you. 


 

Hi Tommy2024,
Sorry,we are unable to provide an answer to your question, as it a legal matter rather than a tax question.
Thank you.