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  • Purchase record was lost

    Hi Kolif,
    You would have to use the information you have to work out any gain and pay whatever amount of tax arises.
    If you are declaring in a Self Assessment Tax return, you should add a note in the additional information box advising of this.
    Thank you. 
     
  • Personal Tax Allowance will be affected by Unremitted overseas gain in previous year?

    Hi bmc,
    You used the remittance basis in the year your disposed of an asset, making a gain of £100,000.  
    You complete the tax return for the year of remittance, declaring the amount and type of remittance being claimed.  
    In the following tax years, if you use the arising basis, you are entitled to personal allowance in those tax years.  
    If you bring the gain to the UK in a future tax year, you will be liable to tax on the gain in the future tax year, with the gain being declared in a tax return for that year. There would be no other fees or taxes for this gain, just Capital Gains Tax on the disposal of an asset.  
    The rates of tax would depend on the type of gain that was remitted.
    Thank you, 
  • RE: Cash gift tax implications

    Hi MartinRL,
    You are correct.  
    There is no tax implication from a cash gift and only Inheritance Tax if you die within7 years of making the gift.
    Thank you. 

     
  • RE:Forex profits compounding tax question

    Hi Ryan,
    It is often the case that individuals entering into transactions consisting of buying and selling securities and other financial instruments will describe them as 'trades', but this is not the same thing as being a trade for tax purposes and the use of 'trade' is misleading.
    Whether an activity amounts to a trade for tax purposes is a question of fact based on all the relevant circumstances.
    An activity of buying and selling securities generally falls short of trading and is subject to Capital Gains Tax (CGT) unless there are factors which take the case out of the norm.
    You will need to consider your relevant circumstances and the activity as a whole.
    There is more guidance at BIM56800.
    Only if / when you are carrying on a trade would you register as self employed.
    Otherwise you would need to work out your capital gains and losses to enable you to declare and pay CGT each tax year.
    BIM56800 - Financial traders - instruments and shares: contents
    Thank you. 
  • RE: Tax on saving interest

    Hi Pui Yee Lee,
    If you are only using £500 of the Personal Allowance, you are correct that the rest could be used for non-savings income.
    You would also qualify for the starting rate for savings.
    Thank you. 
  • Re:National Insurance Record

    Hi pwranyone,
    The number of years to contribute before April 2028, means how many years are left before that date if you only wanted to pay for future years. if you were still working etc.  
    This will always show the amount of tax years between now and that date.
    Thank you 
     
  • Voluntary NI contributions when living but not working abroad

    Hi cchmrc,
    To pay voluntary National Insurance contributions abroad at the class 2 rate, you would also have to be employed or self-employed abroad for the period you are requesting to pay at that rate.
    If you do not intend to be employed or self-employed abroad, you can apply to pay voluntary National Insurance contributions at the Class 3 rate.
    Whichever rate is applicable to you, you will need to complete application form CF83 for HMRC to check if you are eligible.
    Please see the following link - Social Security abroad: NI38 - GOV.UK (www.gov.uk)
    The NI38 provides further information about paying voluntary National Insurance contributions abroad, and the CF83 application form is also held within that link.
    Social Security abroad: NI38
    Thank you. 
  • RE: 2013-2014 required top up figures still not available.

    Hi Edward Quinn,
    I apologise if the NI helpline were unable to assist.
    Without having access to your records, I am unable to give a definitive response.  
    I can advise that generally speaking, in a case such as yours, only HMRC are able to advise what NICs can be paid on a voluntary basis.  
    However HMRC are unable to confirm what affect the payment of these NICs would have on your pension entitlement.  
    I imagine they may have suggested you call the DWP after speaking to the NI helpline, however the NI helpline should definitely have been able to advise on what could be paid.
    Thank you. 


     
  • RE: I can't get through

    Hi 14Jasmine,
    Sorry, but we cannot speak for Future Pensions helpline as they are part of DWP.
    However, both they and ourselves have bene extremely busy with the demand for information on voluntary contributions as the deadline approached.  
    The date has been further extended until April 2025 while a fully-online service is in development and should be in place by the end of this calendar year.
    This online service would allow a customer to check their record, identify any shortfall, generate payment reference and process payment online.
    All without the need to call any helplines.
    Thank you. 
  • RE:National Insurance Record

    Hi Tom3869,
    From 1975 Starting Credits (sometimes known as Juvenile Credits) were awarded for tax years during which the customers' dates of birth made them 16, 17 or 18 years of age.  
    These credits may not be showing on your statement or pension forecast, but will be included in your total reckonable years.
    These three years will count towards your State Pension.
    Thank you.