HMRC Admin 25 Response

Hi mkcchan,
The result of the calculation when a chargeable event arises may not be a positive amount.
There’s no relief for a loss and you should not make any entries on your tax return.
However, if the result of a full surrender, death or maturity calculation is negative and you made gains on the policy in earlier years, the section that follows about ‘deficiency relief’ may be relevant.
A loss on one policy cannot be set off against a gain on another policy.
Thank you. 

Hi Jbad94,
This depends on your own personal circumstances.
The remittance basis is an alternative tax treatment that’s available to individuals who are resident but not domiciled in the UK and have foreign income and gains.
Remittance basis is not available if you are deemed domicile in the UK.
You will be deemed domicile if you were born in the UK with UK domicile of origin and UK resident in 2022 to 2023 tax year, or you have been UK resident for at least 15 of the previous 20 tax years and UK resident in 2022 to 2023 tax year.
Thank you. 

Hi Jeff250,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
and
Tax on dividends
Thank you. 
 

Hi Eva,
Yes you can if no foreign tax has been deducted on it.
Thank you. 
 

Hi Nadiia,
Based on the information you have given, you are resident from April 2022 and as such the full years income is taxable.
When registering, your start date should be the date you arrived in UK.
Thank you. 
 

Hi SaSa,
Sorry, this still does not fully clarify.
Please, you will need to telephone to give a better explanation for the definitve answer to be given. 0300 200 3300.
Thank you. 
 

Hi CC Chan,
It will apply from 14/8/22.
Thank you. 

Hi nickkaz,
As non resident, any interest declared will be classed as disregarded income anyway so you do not need to HS304 or DT form.
You can still choose to submit the HS304 though if you wish for peace of mind.
Thank you. 
 

Hi Susi,
Yes, under Article 17 of the double taxation treaty they are taxable here.
Please aslo refer to helpsheet 264 as you state you have domicile status: 
Remittance basis 2021 (HS264)
Thank you. 

Hi Belo88,
A valuation should have been done at the time the person who owned it passed away.
If not you will need to get 3 different estate agents to value it and take an average. there may therefore still be an increase that would be liable to capital gains.
You do not need to report the inheritance of the asset, just the sale if applicable.
Thank you.