HMRC Admin 25 Response

Hi samsung2046,
Please refer to:
CG51560 - Share identification rules for capital gains tax from 6.4.2008: the “same day” and “bed and breakfast” identification rules
For guidance on the Bed & Breakfasting identification rules.
Also:
CG13350P - Capital Gains manual: introduction and computation: occassions of charge: bed and breakfasting: contents
For information on occasions of charge for Bed & Breakfasting.
Thank you. 
 

Hi Timbeau,
You will need to contact HMRC to review the calculation regarding the dividend allowance:
Self Assessment: general enquiries
Thank you. 

Hi NigelAsh,
You cannot treat all of the income from your FHL as your Wifes for tax purposes as this is not a true reflection of who has a beneficial interest in the property and income.
Based on what you have said yourself and your Wife should declare 1% each and your children 49% each.
Thank you. 

Hi shb125,
The £1000 property income allowance can be claimed by each of you to set against your own share of rental income.
This is an either/or allowance and you can claim this or actual expenses, whichever is more beneficial.
More information can be found here:
Property allowance
Thank you. 
 

Hi Raj
You can claim allowable expenses to work out your rental profit for the previous year.
Once you have submitted your rental accounts, you cannot carry back the expenses incurred in the current year.
If there is no trade i.e. income from property, then expenses incurred after trading cannot be claimed as not incurred wholly and exclusively in relation to that trade.
Thank you. 

Hi Vipendra Singh,
Please have a look at the guidance on residence at RDR3
To help determine your tax residence for the tax year in which you return to India and whether split year treatment applies.
RDR3 Statutory Residence Test
You may find that if you are tax resident in the UK for the whole tax year, you will have to report any capital gains arising in the tax year that you leave the UK.
In future tax years, where you are not UK resident, there will be no UK capital gains tax to pay on any gains arising from your investment activities via your broker.
You will have to declare the gains in India.
Thank you. 

Hi Vipendra Singh,
The term contract for differences (often abbreviated to CFD) is defined as a contract, the purpose or pretended purpose of which, is to make a profit or avoid a loss by reference to fluctuations, in the value or price of property referred to in the contract, or an index or other factor designated in the contract.
CG56100 give advice on calculating the gain / loss with an example at CG56101.
CG56100 - Futures: financial futures: contracts for differences
Gains / losses will be declared in the 'listed shares and securities' section of the tax return.
Boxes 23 to 30 on SA108. 
Thank you. 

 

Hi YWithers,
You and your siblings may each have a Capital Gains Tax liability arising on the disposal of your 50% share of the property.
You and your siblings can use the calculator here:
Tax when you sell property
Your mother will be able to claim private residence relief on her 50% share, so is unlikely to be liable to Capital Gains Tax.
While there are no tax implications from you and your siblings, giving or receiving a cash gift, you and your siblings, may have Inheritance Tax implications, if you die within 7 years of giving the cash gift.
You may wish to speak to Inheritance Tax regarding any Inheritance Tax implications
Rules on giving gifts
And
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
There may be SDLT payable on the acquisition of a property, in yours and your siblings names, but this can be used to reduce any capital gain arising from a disposal of the property.
Thank you. 

Hi RaggedRobin,
Yes, you will show the date that the self employment ceased as this will also affect any Class 2  National Insurance payable. 
Thank you. 

Hi ali oztoygar,
The certified copy must be signed as a true copy and the certified copy must be signed as a true copy and stamped with a date by a government department, legal organisation or a medical body for example
in the UK:
Solicitors office
Doctor's surgery
The Post Office
outside the UK
Mayor's office
British Consulate.
Thank you.