HMRC Admin 25 Response

Hi MikeR14,
If the company automatically reinvests then no

Hi simon jackson,
This would be capital gains and you can use any of the exchange rates specified.
Please refer to HMRC currency exchange average rates here:
Exchange rates from HMRC in CSV and XML format.
Thank you. 

 

Hi Axel668,
No,under the terms of the double taxation treaty, payment for employment carried out in Hong Kong is only taxable there.
Thank you. 

Hi MarkCharters15,
Please refer to:
Self Assessment tax returns
If a return is required you should have notified us by 5 October to avoid any penalties being charged.
Thank you. 

Hi Paolo Casaschi,
You can only pay a maximum of £20,000 in any tax year over the different types of ISA that you have.
As you state £20k has already been invested you now cannot invest more until after 06/04/24.
Thank you, 

Hi Jason White,
Yes, as this was not originally a commercial use car.
Thank you. 

Hi ndkdluk,
Payments made by the individual into an IRA, are made after tax relief is given to the individual by the employer.
Payments from this pension are taxable in the USA.
HMRC do not recognise IRA schemes as pensions, so for UK residents, they are taxed as income under the interest and declared as foreign interest on a tax return (SA106).
There is no US taxation if the pension is subject and liable to UK tax.
If US tax is withheld, then the individual, should seek a refund of this tax (file a form 1040NR).
HMRC will not give a credit for this tax against any UK tax charged on this income.
Thank you. 
 

Hi lornalc,
You don't need to report it again until you actually need to use it.
You can put a comment in the comments box to refer to it.
Thank you. 

 

Hi Ch330,
Deeply Discounted Securities’ (DDS) are government securities, commercial bonds and loan stock, where the amount paid on redemption is higher than the price at which they were issued.
The difference is the discount and represents the whole or part of the reward to the holder of the security for the use of the money borrowed by the security issuer.
Where certain conditions apply, the tax rules ensure that gains on such securities are taxed as income, rather than as capital gains.
SAIM3010 - Deeply discounted securities: introduction
Thank you. 

Hi Hosea,
It will be from when you arrived. 
Thank you.