HMRC Admin 25 Response

Hi Ming Yin Au,
If this payment is not taxable in Hong Kong, if you were resident there, then it will not be taxable in the UK.
In which case, you do not need to report it.
Thank you. 

Hi Jackie Tong,
If the property was your main residence, you can Private Residence Relief for the period that the property was your main residence, plus a further 9 months, over the total number of months you owned the property.
This fractions can be used to calculate the amount of relief that can be set against the capital gain arising from the disposal of the property.
If there is still a gain after the relief is deducted, you have your annual exempt allowance (£12300 in 22/23, £6000 in 23/34 and £3000 in 24/25) to set against the gain.
What is left is subject to capital gains tax.
Thank you.

Hi K Y Wong,
Foreign self employment income is declared in the self employment section of the tax return.
This will bring the net profit into the self assessment calculation for tax and NIC.
Only if you were required to pay foreign tax on this self employment income, do you also include on page F6 (Foreign tax paid on employment, self-employment and other income) of SA106 or the online equivalent.
This will allow you to claim up to 100% of the foreign tax paid as a Foreign Tax Credit (FTCR).
A contractor is an entity that places work with a separate entity.
A contractor can be an individual, partnership, company etc who places work with another individual, partnership, company etc.  e.g A constuction firm, may subcontract construction work to a firm of joiners or electrician.
Thank you. 

 

Hi piyush1010,
HMRC cannot advise you on your residence status.
Please refer to:
RDR3 Statutory Residence Test
Thank you. 

Hi Vince123 Prince,
Yes, you can buy and sell the shares in the ISA.
This will count towards your limit of £20k
Thank you. 

Hi Luke,
It would be the date you moved to the new address.
Thank you.
 

Hi Simon.LSR,
Please refer to:
How Inheritance Tax works: thresholds, rules and allowances
Or telephone the Inheritance Tax helpline on:
0300 123 1072.
Thank you. 

Hi Eric Law,
Each year must be submitted separately when tax returns are required.
For the split year, this is confirmed with the SA109 along with the main tax return and you will now need to file this by paper as its too late to file online.
Thank you. 
 

Hi LittlEbear10 Bee,
If the cash gift was given to you within 7 years of the parent's death, then the cash gift is included in the deceased parent's estate for Inheritance Tax purposes.
There are not tax implications for you, regarding the cash gift.
If you acquire assets with this you may have a Capital Gains Tax liability when you dispose of those assets.
Thank you. 

 

Hi dodo,
Capital losses can indeed be offset against any capital gains arising in the same tax year.
Based on the information you have provided, you would have no Capital Gains Tax to pay in the 2023/24 tax year.
However, if you have already registered  for Self Assessment (not clear from your question)  you should enter the relevant details in the Capital Gains pages (SA108) of your 2024 tax return.
Thank you.