HMRC Admin 25 Response

Hi David Jones, 
We aim to deal with all returns within 10 weeks of receipt.
Thank you. 

Hi Mark,
You will not pay inheritance tax as they are not UK assets.
You will need to declare any income that is then generated from these assets and also if you sell the property, Capital Gains Tax may be due.
Thank you. 

Hi Steve Wilson
Please refer to guidance at:
HS321 Gains on foreign life insurance policies (2023)
Thank you. 

Hi Andy,
Where the remittance basis has been used, and no election was made for losses on disposals of non-UK assets to be allowable losses, foreign losses in future years are not allowable losses and cannot be set against any chargeable gains – unless, in the year that the loss arises, you are domiciled or deemed domiciled in the United Kingdom.
Losses arising on disposals of non-UK assets in a year in which you are domiciled or deemed domiciled are allowable losses.
More information about the effect of domicile on Capital Gains Tax can be found in our Capital Gains Manual at CG25300 onwards.
If the criteria for a disposal to be included in the Capital Gains section are met, but the loss is not an allowable loss, both the proceeds and costs figures can be included in the relevant boxes as usual, but the loss should not be included in the figure of ‘losses in the year’.
An explanation can be provided in the ‘any other information’ box.
CG25300 - Effect of residence and domicile
Thank you. 

Hi C CYK,
Once you have the declaration of trust, this must be sent in writing to HMRC, PAYE & Self Assessment, BX9 1AS.
Thank you. 
 

Hi Aisha,
Please refer to guidance here: 
Tax on your UK income if you live abroad
Thank you. 
 

Hi BBM,
Yes, you would declare this. You will tailor your online tax return to include the Employment page for you to record your earnings and tax already paid. 
Thank you. 
 

Hi Antoinette Watt,
You can still do it online. You will need to tailor your tax return at section 3 to answer  'yes' that you have foreign income. 
Thank you 
 

Hi Ch330,
Further guidance is here and the links therein
SAIM3010 - Deeply discounted securities: introduction
Thank you. 

 

Hi Andrew Hitchcox,
Please refer to:
Lifetime allowance guidance newsletter — March 2023
The new rules wont be published until given Royal assent to be correct legislation.
Thank you.