HMRC Admin 25 Response

Hi jlam32,
The transfer of funds from an overseas bank account to a UK account would have no income tax implications, but any interest or dividends generated may be taxable.  
Tax on savings and investments: detailed information
Thank you. 
 

Hi ABe23,
Yes, given that the property was purchased for a price below market value, you should use the actual market value at the time of acquisition when calculating the capital gain or loss.
A retrospective Estate Agent valuation would be acceptable.  
Tax when you sell property
Thank you. 
 

Hi Edmond Tse,
Please report the income from your HK company in the Self Employed pages (SA103).
You can claim Foreign Tax Credit Relief re: any Hong Kong tax paid on the income in the Foreign pages (SA108) under the heading ' Foreign tax paid on employment, self-employment and other income'.    
Filling in the ‘Foreign’ pages
Thank you.

Hi m60vxr,
Given that you sold the residential property in July 2023 (which falls within the current 2023/24 tax year) you should report the relevant details when you come to complete your 2024 return Self Assessment tax return.
the two relevant boxes in the 2024 SA108 will be headed (a) ' Total gains or lossess on UK residential property reported on Capital Gains Tax UK Property Disposal return(s) and (b) Tax on gains in box (a) already charged.                                  
Capital Gains Tax summary notes
Thank you. 
 

Hi Jo,
Yes it will.
Capital Gains Tax: what you pay it on, rates and allowances
Thank you. 
 

Hi BVL2023 Ikram,
Please contact our Helpline on 03002003700 so that we can release the credit for you.
Thank you. 
 

Hi Chi Chung Kwok,
The whole return must be submitted together.
You can do this in paper form by 31/10/23 or use 3rd party software to file online
Self Assessment commercial software suppliers
You must complete any additional sections that relate to the income that you receive.
Thank you. 

 

Hi andy1,
No this would not be seen as a gift.
No inheritance tax will be due and there are no tax implications on the actual capital invested. further guidance is at:
Junior Individual Savings Accounts (ISA)
Thank you. 
 

Hi C K Chow,
It will be £100 income and £15 expenses.
Please note there is a limit to bank charges when using the caxh basis:
Expenses if you're self-employed
Thank you. 

Hi Cart C,
Thank you for your question.
If your mortgage is related wholly and exclusively to the rental business then the interest on the loan would be allowable under residential finance costs.
This is tax reducer and the amount of interest would be given at 20% tax relief.
Please bear in mind it is only the interest that is allowable not the capital.
Please see the following links for guidance.
Tax relief for residential landlords: how it's worked out
PIM2010 - Deductions: general rules: applying the wholly & exclusively rule.
Thank you.