HMRC Admin 25 Response

Hi elpidio valdez,
As you have income from UK property, you meet the criteria for completing a Self Assessment tax return, as this property income is taxable in the UK.  
As you were born in the UK, you can claim Personal Allowances no matter where in the world you are resident.
In your tax return, you would complete the sections SA101 (additonal information) to report the gilts, SA105 (property) to report the UK property income and SA109 (residence) to claim Personal Allowances.
Tax would be calculated on an income of £29000.
Thank you. 
 

Hi limbo24,
If you choose to use the remittance basis, to remove your Singapore income from UK tax calculations, then you only need to declare that income which is not being remitted in your tax return in boxes 28 to 40.
If split year treatment applies, you would only be declaring that Singapore income that arises from 21 Nov 2022, when you arrived in the UK.
You can claim a tax credit for any Singapore tax paid.
Please take a look at the guidance on remittance basis at:
Guidance note for residence, domicile and the remittance basis: RDR1 Updated 25 April 2023
Thank you. 

Hi JoeN2024,
The SA109 must be used for split year and you cannot file online with HMRC software for this and will need to purchase 3rd party.
The whole return must be submitted together.
However, for income from Hong Kong, if this is employment income it is only taxable in Hong Kong if the work was carried out there and you don't need split year to show that.
Thank you. 
 

Hi Candj,
If the house has been your only and main residence for the whole period of ownership, no Capital Gains Tax in the UK will be due.
Thank you. 

Hi Karen,
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
If you invest in deeply discounted securities, put the difference between what you paid for the bond and what you redeem or sell it for in box 3 of SA101 (page Ai1).
Additional information
Thank you. 

Hi Gianma,
If leaving part way through the year, you can put the information on your Self Assessment tax return.
Thank you.


 

Hi tombfunky,
Based on your example, there is a loss of £10k and if no other gains in the year, this loss would be carried into later years.
The rate of tax due on any gain is dependant on other income received in the tax year.
Capital Gains Tax rates and allowances
Thank you. 

Hi Dani Wozencroft,
A P60 is only available to people employed under PAYE.
If you are self employed it is up to you to retain details of income and expenses to report these on your tax return.
Thank you. 

Hi isasofia06,
It depends on whether you are the beneficial owner or legal onner for capital gains purposes and you will need to call 0300 200 3310 to discuss further.
With regards to stamp duty, please refer to:
Stamp Duty Land Tax
 

Hi Adam Silver,
If her income on her P60 for the 22/23 tax year, was over £50k, yes.
Please see guidance here:
High Income Child Benefit Charge
Thank you.