HMRC Admin 25 Response

Hi natalie_wall,
Please have a look at the guidance on trust management expenses here:
Trust Management Expenses (TMEs) (Self Assessment helpsheet HS392)
Thank you. 

 

Hi taxman123,
The fees must have been incurred wholly & exclusively for the purposes of acquisition or disposal:
CG15250 - Expenditure: incidental costs of acquisition and disposal
So the cost of drawing up the settlement agreement would not be allowable.
Please see:
CG15180 - Expenditure: enhancement expenditure
For enhancement costs and what may be allowed. 
Thank you. 

 

Hi K York,
You cannot claim relief for the tax paid on the contributions as the contributions would actually give tax relief against your income.
You will need to refer to guidance here:
Relief for foreign tax paid (Self Assessment helpsheet HS263)
Please look at this in conjuntion with double taxation relief to see what needs to be declared.
Thank you.
 

Hi Kelvin HO,
As you have only just submitted this, it will not be processed for the 31/1/24 deadline.
Thank you. 

 

Hi Junita Dsouza,
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
You would not have any Inheritance Tax issues with this gift, as the individual is not UK resident.
Thank you. 

 

Hi Mark Plews,
Your capital gains liability is not a factor in calculating your tapered personal allowances.
As all of the basic rate of tax is utilised against your income, there is nothing of the lower rate band left.
This means that the gains after your annual exempt allowance is applied, will be taxed at the rate of 20%.
Under UK law, your income is taxed first and after this is calculated, your capital gains can then be calculated.
Thank you. 


 

Hi Plum Clarke,
Please see
Personal Allowances: adjusted net income
Thank you. 

 

Hi TSZ HONG CHAN,
As the Self Assessment criteria tool confirms that tax return is not required, all you need to do is notify HMRC in writing, your bank/building society interest.
You would itemise in a list, the bank / building society name, account number and sort code.
You would also need to confirm if the account is a joint account or not and how much interest the account accrued.
Thank you. 

 

Hi Katherine Lesslar,
You would need to confirm whether your employer is giving tax relief at source on your pension payments, by deducted the payments from your income, before calculating the tax payable on the reduced amount.
If this is the case, then as tax relief of 40% is given at source, there is nothing more you can claim.
If your employer charged tax on your income before paying into your pension scheme, you can claim a further 20% relief by ticking 'yes' to 'Did you make contributions towards a personal pension or retirement annuity? ' on pge 3 o3 when tailoring your return.
When filling in your return, you would enter the amount you paid plus the 20% your pension provider claimed from HMRC in box ""Payments to registered pension schemes (also known as PPR) where basic rate tax relief will be claimed by your pension provider (called 'relief at source')"", when you click on ""Personal pensions and retirement annuities"""
Thank you. 

 

Hi Melon2000 Fruit,
No, your husband owns the property, so he is the beneficiial owner of the property and its income.
He has to declare 100% of the income in his tax return.
Thank you.