HMRC Admin 25 Response

Hi jackaram,
You will need to get a valuation from the time the property was transferred to you and then compare that to the disposal price to see if any gain has arisen. you will need to obtain this yourself.
Thank you, 
 

Hi enquirer_2023June_HMRC,
If you qualify for split year then you only report any foreign income for the UK part of the year:
RDRM12000 - Residence: The SRT: Split year treatment: Contents.
If you do not qualify then you will need to report all your foreign income to the UK:
Tax on foreign income
The guidance at RDRM12150 at www.gov.uk will help you work out if split year treatment applies.
If this applies, then it is the dividends that you report. you will only have a capital gain when/if you sell.
Thank you. 

 
 

Hi barryman,
Based on your figures, the payment to be made in January 2024 will be £2250 - the balancing payment of £1500 for 22/23 plus the first payment on account of £750 for 23/24.
Once your submit the return for 23/24 and the payments on account are too high, these will be adjusted accordingly and any repayment issued where applicable.
Thank you. 
 

Hi Kit Ming Sin,
If you have paid tax in Hong Kong on this income you will declare it as both in order to claim Foreign Tax Credit Relief.
If no foreign tax paid, it is under self employment.
The income must be converted to sterling using any of the rates ahere:
Exchange rates from HMRC in CSV and XML format
Thank you. 

Hi samatbacton,
You will need to contact HMRC direct either by phone or in writing as further specific information will be required.
Contact details here:
Capital Gains Tax
Thank you. 

Hi Adam,
New rules have come into effect and you now have 3 years from separation/divorce for capital gains to start.
Please refer to:
Capital Gains Tax: separation and divorce
Thank you. 

Hi garykkchan,
As it is a joint bank account it will be 50/50.
Thank you. 

 

Hi Ivan Wong,
You need to apply before you submit your return so that it allows it in the calculation for both of you.
As you are using commercial software HMRC cannot tell you where on the system to claim it and you will need to check all the questions or contact the supplier.
Thank you. 

Hi benny ko,
Yes they would be liable to Capital Gains Tax on the difference in price bought for and sold for.
Thank you. 

Hi Wombat20,
Please refer to the period of absence section here:
HS283 Private Residence Relief (2023) Updated 6 April 2023
Thank you.