HMRC Admin 25 Response

Hi Cheung,
Please have a look at the accommodation tie at RDRM11550
RDRM11550 - Residence: The SRT: Accommodation tie
To determine the date you started to have a home in the UK.
We cannot advise whether your are case 4 or 8.
You will need to decide this for yourelf, or seek professional advice.
Thank you. 

 

Hi Claire Cieluch,
As the legal owner you are liable on any income generated (your share) irrespective of who receives the money.
In order for your father to be liable, you would need to send in  a declaration of trust stating who is the beneficial owner and the % that you have allowed them.
This must be witnessed/signed by a 3rd independant party.
This also cannot be backdated so you are still liable for any profit from the date of transfer.
Thank you. 

Hi Abhishek Parasrampuria,
As long as the person witnessing the document is not related to you or the person making the gift.
Thank you. 

Hi BigA101,
You would submit the invoice in the same maner as you did previously. as it relates to previous years,
You will also need to submit tax returns for the years in question. years prior to 2020 are now out of date.
Thank you. 

Hi All,
The beneficial ownership can be any split that you wish.
You will need to submit a declaration of trust showing the beneficial split that must be signed by both parties (brother/spouse, sister/spouse) and witnessed by a 3rd party.
As its a legal document involving property you may wish to consult a lawyer. the alternative split cannot be backdated.
Thank you 


 

Hi stephen le pla,
This would be a continuous arrangement as it is still the same source and has not ended.
You will therefore take the amount of salary sacrifice for the tax year that you are working out.
Thank you. 

Hi kajibade Aji,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
How they make this gift is up to them.
Thank you. 

Hi PT Yu,
As it is only for personal expenditure, no tax is due:
CG78300 - Foreign currency: introduction
Thank you. 
 

Hi Mount Austin,
In year losses for capital gains are used prior to the annual exempt amount even if this means that you lose out on the full benefit of the annual allowance.
Thank you. 

Hi wongjtax3664,
You should do, and you will need to discuss this with the insurance firm.
Thank you.