HMRC Admin 25 Response

Hi Ka Tang Elson Lam,
No, as it was your main residence and sold before your arrival in the UK.
Thank you. 

Hi John Farrell,
No gain will arise as you are just transferring them.
You would need to speak to your ISA provider regardig the transfer.
Thank you. 

Hi Phuong Ho,
Please can you provide more information so we can give you an answer.
Thank you.
 

Hi Andrew Gardner,
Negligible Value and Share Loss Relief are separate claims and eligibility for one does not guarantee eligibility for the other.
Whilst you may be entitled to make a claim to negligible value in these circumstances, this will only create a capital loss.
Your capital loss can then be set against capital gains in the same year or future years.
Share loss relief is the relief that allows you to set the gain against your general income.
The requirements for this relief are shown in HS286.
Thank you. 

 

Hi peacetoall Briffett,
Following a change in legislation, from 6/4/23, the reporting limit is £50,000.
The 4 times the allowance is no longer relevant.
The £50k applies to property and shares.
As yet, policy have not updated the website/guidance to show this.
Thank you. 

Hi mingyeung1945,
Please refer to guidance here:
https://www.gov.uk/report-and-pay-your-capital-gains-tax.
If the losses are the same year, you will account for them when declaring the gain if for a previous year.
HMRC need to be made aware of the loss within 4 years of it arising.
You will need to send in a letter if this is the case giving details of date/price purchased and date/price sold and the name of the company the shares were in.
Thank you. 
 

Hi nikitn,
On the first page it asks you to show the amount of Foreign Tax Credit Relief you are looking to claim.
Enter the figure there and put a cover letter along with the evidence for us to see where the tax has come from.
Thank you. 

Amended response
No, if you are a UK resident you do not have to declare or tell us about any income or capital gains from ISA Savings and investments, including dividend income, you can see the guidance here:
SAIM2310 - Interest: exemptions: tax-free savings income: ISAs, PEPs and CTFs

You will need to approach the Canadian government direct regarding any claim against the withholding tax they have deducted on your ISA dividends. They may request you to obtain a certificate of residence from us verifying you are a resident in the UK for tax purposes. If they do, you can apply for a certificate of residence here:
How to apply for a certificate of residence to claim tax relief abroad
Thank you.

Hi Kelpieboy Dogg,
For details on Private Resident Relief, please refer to:
Private Residence Relief (Self Assessment helpsheet HS283)
As advised previously.
For a defenitive answer you will need to contact us direct.
Thank you. 

Hi Lorraine Ames,
As the royalties are not part of a trade/profession/salary they are not relevant earnings.
Please see:
BIM50725 - Authors and literary profits: royalties to person other than author
Thank you. 
 

Hi Peter Stiverson,
Please refer to as to allowable costs:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you.