HMRC Admin 25 Response

Hi Questions123 Davies,
Please contact Child Benefit here:
Child Benefit: general enquiries
For specific advice.
Thank you. 

Hi Tom,
Provided the claim was made after the 6th April 2024, you will only receive the charge for 24/25, and you will only be be required to file a return for the 24/25 tax year.
For more information, contact Child Benefit here:
Child Benefit: general enquiries
Thank you. 

Hi Amanda williams,
It is not possible to check individual tax records through this forum.
If you have a question which relates to your personal tax situation or tax code please contact our helpline.
Self Assessment: general enquiries
Guidance on the gain is here:
HS320 Gains on UK life insurance policies (2024)
Thank you. 

Hi 121Curious,
1. Yes.
2. Yes.
3. Please have a look at the guidance here:
CG73986 - NRCG and the exemptions: Disposals from 6 April 2019: Interactions with Gifts hold-over and other reliefs.
for gift hold over relief.
4. Your son will be liable to pay the held over gain, when he disposes of the property. Please have a look at helpsheet HS295:
 Capital Gains Tax relief on gifts and similar transactions (Self Assessment helpsheet HS295)
For guidance on how to the holdover relief and the form that both of you would need to submit to HMRC to claim it.
5. Your son would work out his Capital Gains Tax liability for the period from the gift being made to its disposal, but using your original acquistion value.
There is a calculator here:
Tax when you sell your home
To help calculate any gains
Thank you. 

 

Hi holly,
Please refer to guidance here:
HS283 Private Residence Relief (2024) Updated 6 April 2024.
Thank you. 

Hi James Stevenson,
If you meet the conditions here:
CG56105 - Futures: financial futures: financial spread betting
Then you do not need to report it.
Thank you. 

Hi Dominic Harper,
For current guidance, please refer to:
HS321 Gains on foreign life insurance policies (2024) Updated 6 April 2024
Thank you. 

Hi Chun Ho Chan,
The interest generated doesnt count towards the limit. it is only actual funds you deposit that count.
Thank you. 

Hi lookingforhelp,
As the rental income is covered by your personal allowances, no income tax is due on this source and as such no tax relief is due for the finance costs.
Thank you. 

Hi Henry,
Yes. as UK resident and domicile you are taxed on your worldwide income.
Thank you.