HMRC Admin 25 Response

Hi yosb,
As there is no Capital Gains Tax liability from the transfer of assets betweens spouses and civil partners, the transfer occurs at the original acquisition cost and not the value at the time of the transfer.
This meand that the recipient will calculate capital gains on the original SAYE option price and the disposal value.
Thank you. 

Hi drzero,
There is no Capital Gains Tax liability on the transfer/gift of assets to a spouse or civil partner.
If you confirm in writing to HMRC that you have gifted the shares to your wife, this would be sufficient evidence.
Thank you. 

Hi Joseph K,
"No. Capital Gain is quite separate from income and should not be included when working out income in any way.
 By law, Capital Gains Tax is always calculated after income tax has been calculated and is a separate calculation.
Thank you. 
 

Hi reg1100,
As you returned to the UK during the 22/23, you will need to review your residency position, to determine whether you need to declare the Overseas rental income in the period from 6 April 22 to the date you arrived in the UK.
Please have a look at the guidance at RDR3:
RDR3 Statutory Residence Test
If you are deemed tax resident in the UK for the whole tax year, you need to look at split year treatment.
If split year treatment does not apply, you need to declare your world-wide income from 6 April and claim any foreign tax credits that are allowed.
If it does apply you claim split year treatment and only include your worldwide income from the date you arrived in the UK.
If you are treated as not resident for the whole tax year, you would declare this and only include income and capital gains that arise in the UK.
In all three possibilites, a self assessment tax return is required.
Thank you. 

Hi Terence Wilson,
That is correct.
If the interest generated is over £10,000 a tax return is required.
Thank you. 

Hi Nuno Raposo,
HMRC cannot comment on future events as legislation and/or plans may change.
Thank you. 

Hi MP78912,
Capital gains is due on any profit over £6000 for 23/24 tax year.
Your Personal Allowance of £12750 cannot be used for capital gains.
See guidance here:
Capital Gains Tax rates and allowances
Thank you. 
 

Hi taxquestionsforHMRC,
When working out your figures you need to take into account the total contribution made and this includes any tax relief applied as well as any employer contributions. there is a calculator available within the guidance here:
HS345 Pension savings — tax charges (2023)
Thank you. 

Hi Carnoustie68,
If you are no longer a UK tax resident, you are not liable on any foreign income received after you leave the UK.
If you qualify for split year then you only report any foreign income for the UK part of the year:
RDRM12000 - Residence: The SRT: Split year treatment: Contents
If you do not qualify then you will need to report all your foreign income to the UK:
Tax on foreign income.
The guidance at:
RDRM12150 - Residence: The SRT: Split year treatment: Case 4: Starting to have a home in the UK only
Will help you work out if split year treatment applies. 
Thank you. 

 

  

 

 

Hi Paulo Rodrigues,
We cannot advise you on this as this amounts to financial advise which we are not authorised to give. you will need to seek professional advice.
This guidance may help:
Working for yourself
Thank you.