HMRC Admin 25 Response

Hi Karen,
If your capital gain is not from a residential property sold after 6 April 2020, you can report your gain, in a Self Assessment Tax return or by using the ‘real time’ Capital Gains Tax Service
Report and pay your Capital Gains Tax
You can use the service to report gains on assets you sold during the tax years 2022 to 2023 & 2023 to 2024.
You can use the capital gains realtime transaction service provided that you report by 31 December in the tax year after you made your gain and pay by 31 January, otherwise the gain must be reported in a tax return.
If you wish to claim for losses, you can do this in writing (include supporting calculations) to H.M. Revenue and Customs Self Assessment BX9 1AS if you do not need to submit a tax return.
If you are required to complete a tax return, the losses are declared on SA108 and should include supporting calculations.
Thank you. 


 

Hi John,
You are correct in that the gain, minus the annual exempt allowance would be taxable at the lower rate (18%) up to the equivalent level of the basis rate band (£37700 in 2023 to 2024).
Any amount of gain above that level would be taxable at the higher level (28%).
Personal allowances are not a factor in calculating Capital Gains Tax.  
You would pay Capital Gains Tax on £15000 at 18%.
You have 60 days from the disposal date to report and pay the Capital Gains Tax, to avoid penalties and interest.
If you can obtain a government gateway user ID and password, you can register for a capital gains account at:
Capital Gains Tax
You may need to contact HMRC to do this.  
Your alternative is to download, print and complete a paper version and send it to:
Pay as You Earn and Self Assessment  HMRevenue and Customs  BX9 1A.
Thank you. 

 

Hi ERM2023,
The paper filing deadline is 31/10/2023 and 31/01/2024 for online.
The online return is processed straight away and the paper return needs to be processed by HMRC.
If you file online you can see any amount you owe or are due as a refund straight away.
If you wish to complete a paper return you will need to contact the Self Assessment helpline and advise which pages you require for the return.
Self Assessment: general enquiries
Thank you. 
 

Hi Paul Ap,
Yes, the court order will be the date of transfer.
You would also need to confirm the actual date of separation as it is this date that is taken into account and not the date of decree absolute for Capital Gains Tax. purposes.
Separating spouses or civil partners be given up to three years after the year they cease to live together in which to make no gain or no loss transfers.
Thank you. 
 

Hi Paul Smith,
If there is a tax deduction in your code we are trying to collect anything due for 23-24 during the year to try and avoid a bill when you complete your Self Assessment Tax return. 
If you would prefer not to have a deduction in your code contact our helpline.
Income Tax: general enquiries
Thank you. 

Hi Jon Carter,
A resident of Austria, who has a UK generated pension (non government) is taxable on that pension and trivial commutation lump sum in Austria.
Article 17(5) defines a pension scheme for tax purposed and this is applied to the whole of article 17.
Thank you. 


 

Hi Ken Ronoh,
ESOP are taxed as income when they are exercised, they are treated as a perquisite or benefit someone enjoys on account of their job or position and are taxable as income.
If the individual is not resident in the UK, then they will not be taxed in the UK.
If the shares are sold in the market, they will be treated as a capital gain.
Whether that capital gain is taxable in the UK, would depend on the double taxation agreement between the UK and the country in question.
Thank you. 

Hi Jason,
The threshold is the lower of your earned income or £40000, when working out the carry forward figure.
Eg.  21/22 earned income was £30000.
The carry forward is £30000 - payments made to the penson scheme =  carry forward amount.
Thank you. 
 

Hi KuenHK,
Your parents would each have to contact our webchat facility in their own right and pass security to progress chase their forms.
We cannot advise how long it may take to process the form.
They can contact the webchat team at:
Self Assessment: general enquiries
From 4 September, the Self Assessment telephone number opens again.
They could call 0300 200 3310 to progress chase their UTR's.
Thank you. 
 

Hi Paul Haynes,
If the disposal of shares under S104, incurs a loss, you would either declare the loss in writing to HMRC, along with supporting cacluations / evidence in cases where a tax return is not required or show the loss in your Self Assessment Tax return and include supporting calulations / evidence.
In some instances there may be a negligible value arising.
Have a look at helpsheet HS283 for guidance:
Negligible value claims and Income Tax losses on disposal of shares (Self Assessment helpsheet HS286)
Thank you.