HMRC Admin 25 Response

Hi al1918 YU,
As a UK resident with overseas income, yes, you should register for Self Assessment and obtain a UTR.                                    
 Check if you need to send a Self Assessment tax return
 Tax on foreign income         
Thank you.             

Hi Sarah74 Jobson,
To establish what CGT rate you will pay in a given tax year, you first have to work out how much taxable income you have.
You arrive at this figure by calculating your total income less your Personal Allowance and any other Income Tax reliefs you’re entitled to.
You then work out your total taxable gains by deducting your tax-free allowance from your total taxable gains, and add this amount to your taxable income.
If this amount is within the basic Income Tax band you’ll pay 10% on your gains (or 18% on residential property).
You’ll pay 20% (or 28% on residential property) on any amount above the basic tax rate.  
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.  

Hi chichimon333,
If the deposit of £70000 was repaid to the prospective buyer there are no tax implications, and there is nothing to report to HMRC.
Thank you, 

Hi alison c,
Please refer to:
HS345 Pension savings — tax charges 
If you exceeded your annual allowance figure in 2021-22 then your 2021-22 return should be amended to include the pension savings charge.
Thank you, 


 

Hi Jon Carter,
Article 21 1(b) of the Double Taxation Agreement between the UK and Austria does state that any income exempt from tax in Austria may be taken into account when calculating tax due.
You should check this with the Austrian tax authorities as we cannot give you advice on how a foreign country will tax you.
We can only give advice on UK taxation.
Thank you. 

Hi Francesco Sias,
Please see Tax on foreign income:
HS321 Gains on foreign life insurance policies (2021) Updated 4 August 2023
Thank you. 
 

Hi Cyrus Chung,
Please see:
British National (Overseas) visa
Where it advises after you have lived in the UK for 5 years you can then apply to live in the UK permanently and Remittance basis 2023
For further information regarding claiming remittance basis.
Remittance basis 2021 (HS264) 
Thank you. 

Hi ACTS,
Please refer to:
CG78300P - Capital Gains Manual: Chattels and other assets: Foreign currency: contents
Thank you. 

Hi Chiffon C,
Please see:
Tax on foreign income
As you are in receipt of foreign interest then you meet the criteria for Self Assessment.
If you are UK resident then you will be required to declare your bonus payment in your Self Assessment tax return and if tax has already been paid on this, you may be able to claim Foreign Tax Credit Relief.
This would only apply if you pay tax in the UK.
Thank you. 

Hi Hani Rizkallah,
Please see:
How Inheritance Tax works: thresholds, rules and allowances
And if further information is required contact our Inheritance Tax Helpline on 0300 123 1072.
Thank you.