HMRC Admin 25 Response

Hi Alfred Chan,
The £3000 limit is only for Inheritance tax purposes.
You can still gift any amount over that but this would then be taken into account if the person making the gift passes away within 7 years. it is then added as income as part of the estate.
Thank you. 


 

Hi MG0411 Golden,
The 15% is the maximum relief that can be claimed.
Foreign Tax Credit Relief will be limited to the UK tax that is due on the dividends.
Please see guidance here:
Foreign notes Tax year 6 April 2022 to 5 April 2023 (2022–23)
Thank you. 

 

Hi terrywykwong,
It depends on what currency the interest is actually paid.
If in US Dollars, it is foreign income and needs to be converted to sterling for your tax return.
Thank you. 

Hi Prashants, 
No you do not need to make any adjustment.
The payments on account are not part of the Self Assessment tax calculation, as the calculation shows the balance for the tax year but does not take into account any payments made.
Your statement of account will show the payments on account you paid and any final balancing payment due.

Hi sssudobu,
As the payment is from your employer, the income should be shown in the employment section if it is included in your P60.
You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'. ERSM20193 advises that when RSUs payout at the market value on what is called "dividend equivalents" in either cash or shares, such payments will generally be taxed as earnings in the year they are received.
ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents
Thank you. 

Hi n sal,

Jan 20 and Mar 20 fall within the 20/21 tax year, Aug 20 and Dec 20 fall within 21/22 tax year and nov22 is the 22/23 tax year.

Thank you.



 

Hi SJD,
No, the maximum £20,000 is the total amount you can invest in any one tax year no matter the type of ISA(s) held.
you can only open 1 cash ISA each tax year.
Thank you. 


 

Hi Wai Lun Lui,
If it is UK income only then no.
If any of it is foreign income, you still need a  Self Assessment tax return.
Thank you. 

Hi chandra,
To confirm you just need to report only the  interest.
Thank you. 

 

Hi Phil Laird,
If you need to complete tax returns for previous tax years you would need to register for these tax years if not already done.
Once registered you can then use the drop down to change the tax year that you need to file the tax return for.
The drop down will only be available if HMRC has issued a notice to file a tax return for that tax year.
If not sure if you have registered the previous tax years then you will need to contact HMRC to review.
Please contact deatils here:
Self Assessment: general enquiries
Thank you.