HMRC Admin 25 Response

Hi BritishAl23,
Non reporting funds are treated as 'offshore income gains' and are subject to Income Tax not Capital Gains Tax.
The gains should be entered in box 41 of SA106 and in the box marked "Other overseas income and gains" on the online return.
Whilst the distributions have been reinvested back into the fund, these are still taxable income.
Thank you. 

Hi Shades of Blue,
You are correct. under point 5.3:
Capital Gains Tax: separation and divorce
As you have retained an interest and are due a percentage, no gain is due.
Thank you. 

 

Hi SID3673 James,
Please refer to:
SAIM3010 - Deeply discounted securities: introduction
Thank you. 

Hi twdev,
If you meet the criteria, you can claim for household expenses.
Please see EIM32810:
EIM32810 - Other expenses: home: household expenses
Clause 2 mentioned in your question would not on its own, mean that you do not qualify.
Thank you. 

 

Hi Shades of Blue,
Webchat covers Capital Gains Tax enquiries and queries would be answered by our technical tax officers.
You may also find guidance  here:
https://www.gov.uk/browse/tax/capital-gains
Which includes calculators and advice on how to report and pay Capital Gains Tax.
Thank you. 

 

Hi James Eddie,
We can't advise of the reasons why anyone would voluntarily ask HMRC to check their valuation, as that is down to the individual.
However, some people, for example, may want the piece of mind that their valuation is accurate enough for HMRC and that it will not result in repercussion further down the line.
Thank you. 

 

Hi susan Finch,
Yes, you are correct. 
Thank you. 
 

Hi HMRCGEEK,
No, there is no tax liability arising from the gift for either you or your daughter.
The interest arising from the NRO account is not taxable in India, however, it is taxable in the UK.
As you daughter will be in receipt of the interest, your daugher will need to declare the overseas interest in a Self Assessment tax return.
Thank you. 
 

Hi CEP,
Thank you for your question.
Whether or not your Sister would need to complete a Self-Assessment tax return to disclose her 50% of the rental income would depend on the following criteria:
Her net share of the rental income exceeds £2,500,
Her gross income exceeds £10,000 or more irrespective of any expenses to be set off.
Or if her usual abode is outside of the UK, where she would then need to register as a Non-Resident Landlord under the NRL Scheme.
If none of these criteria are met, then she may wish to disclose her rental profit/loss via PAYE by phone on 0300 200 3200, via webchat Twitter to @HMRCcustomers or letter to “PAYE and Self-Assessment, HM Revenue and Customs, BX9 1AS, United Kingdom”.
Thank you. 

Hi abbeysea chan,
Thank you for your question.
HMRC do not get involved with who a customer decides to employ/hire as their property Agents.
Expenses for management fees are deductible.
Please refer to:
PIM2210 - Deductions: main types of expense: salaries and wages of employees
Thank you.