HMRC Admin 25 Response

Hi Robin,
Unfortunately, we cannot comment on scenarios, real or imagined in this forum.
If you have a question which relates to your personal tax situation or tax code please contact our helpline:
Income Tax: general enquiries
Thank you. 

 
 

Hi rose123,
You are not taxable on the estate you inherit from your late mother.
Inheritance tax is paid by the estate of the deceased.
You may be subject to capital gains tax should you dispose of any assets you inhertied, such as property.
Have a look at the guidance on Capital Gains Tax  here:
Capital Gains Tax
Inheritance tax here:
How Inheritance Tax works: thresholds, rules and allowances.
Thank you. 

 

Hi Pedro sitt,
Please refer to:
Remittance basis 2024 (HS264) Updated 6 April 2024
Thank you. 

Hi John,
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.   
Payments made into a Roth IRA are made before tax relief is given.
As a result, payments from this account are not taxable in the USA.
HMRC recognises this account as a pension scheme and as it is not taxable in the USA, it is not taxable in the UK either
Thank you. 

Hi Anne,
Please have a look at the guidance here:
CG10720 - Persons chargeable: beneficial owner.
Onwards for guidance on this matter.
Thank you. 

 

Hi sfung1973 Fung,
Sorry, we cannot advise you how you would work this out.
Thank you. 

Hi iain G,
Question 1. yes, you can use your annual exempt allowance and losses, to set against any gain that arises.
Question 2. Is not a tax question and cannot be answered in this forum.
The same with question 3.
You will need to seek professional advice for anwers to these questions.
Thank you. 
 

Hi Stephen,
The tax treaty between the UK and Spain:
2014 UK-Spain Double Taxation Convention
Allows for UK government teacher's pensions to be taxable only in the UK.
INTM343040 - DT claims and applications - Types of income: Pensions and Annuities
As a UK national, you are entitled to claim personal allowance no matter where in the world you live.
Where the personal allowance exceeds your pension income, then no tax is payble.
Income tax rated in the UK are 20%, 40% and 45%.
Thank you. 

Hi Markkennedy87,
You would add the Benefit In Kind value of the car. 
Thank you. 
 

Hi Dazed&Confused,
1) No. To question one.
2) £45.5K needs to be entered. 
Thank you.