HMRC Admin 25 Response

Hi Aileen Broomfield,
Please refer to guidance here:
Capital Gains Tax, share reorganisations and company takeovers (Self Assessment helpsheet HS285)
Thank you. 

Hi Mariska Talirz,
We cannot pay to a foreign bank account.
You would need to nominate someone in the UK to receive the refund on your behalf.
Thank you. 

Hi Tomson,
As the actual gain is over £6k, yes you need to report it.
Thank you. 

Hi Lisa,
If you have a pension that has already been excluded from UK tax under the terms of the DTA and acknowledged by HMRC, you do not need to declare it.
Thank you. 

 

Hi ktym,
You would declare this as other income received.
If no foreign tax has been deducted you do not need to show it on the foreign section.
Thank you. 

Hi Trog,
This will be issued automatically after 05/04/24.
If you wish to apply for it earlier, you can submit form p55/p53.
Claim back tax on a flexibly accessed pension overpayment (P55)
Claim a tax refund when you've taken a small pension lump sum (P53)
Thank you. 


 

Hi Ming,
The Self Assessment criteria tool will advise that you need to complete a Self Assessment tax return, as you are in receipt of foreign interest.
It does not matter how much or how little the interest is, it should be declared on a Self Assessment tax return.
Check if you need to send a Self Assessment tax return
Thank you. 
 

Hi gemccloud,
Registering as self employed is registering as a sole trader.
Both terms mean the same thing, so being self employed is the same as being a sole trader.
 In your 23/24 tax return, on a paper tax return, you would complete SA100 (tax return) SA102 (employment) and you would complete SA103 (self employment).
Online, you would tick yes when tailoring your return, to the same sections.
Thank you. 
 

Hi 
andyken47
There is a tax treaty between the UK and Canada, that dictates which country has the taxing rights:

Canada: tax treaties

Where a UK resident makes a lump sum withdrawal from an RRSP or an RRIF, Canada imposes a 25 per cent withholding tax.

No Tax Credit Relief is allowable in the United Kingdom in respect of the tax withheld, however, because the Canadian tax is imposed upon the lump sum withdrawal (which does not itself give rise to a tax charge in the United Kingdom), whereas any UK tax charge is on the disposal of assets held within the Plan or Fund to enable the lump sum to be withdrawn (and no tax is levied on the disposal of fund assets in Canada).

The Elimination of Double Taxation Article (Article 21) obliges the United Kingdom to give credit for Canadian tax paid only against UK tax computed by reference to the same profits, income or chargeable gains by reference to which the Canadian tax is computed.

Since no UK tax is computed by reference to the subject of Canadian tax (that is, the withdrawal), no tax credit relief is allowable.
Similarly, where the disposal of fund assets to facilitate a withdrawal gives rise to a UK tax charge, no tax credit relief is allowable since the disposal does not attract a tax charge in Canada.
Please have a look at the double taxation relief manual at DT4605:
DT4605 - Double Taxation Relief Manual: Guidance by country: Canada: Notes
Thank you. 

Hi Toobyy,
HMRC have no need to verify the type of pension pot.
We do need to know if the pension was set up and paid by the company on behalf of the director or is it an existing private pension set up prior to the directors appointment.
Thank you.