HMRC Admin 25 Response

Hi Eric01 Kendall,
Accumulation funds are funds that automatically reinvest in the fund.
The distribution are chargeable to income tax.
Investors in Authorised Investment Funds (AIFs) may receive dividend distributions or interest distributions.
IFM03120 discusses the tax treatment of AIFs.
IFM03200 - Investors in authorised investment funds (AIFs) receiving trail commission
Thank you. 
 

Hi L T,
CT61 is a corporation tax form and is not used by individuals.
A UK individual would not have to withhold tax from the interest payment to a foreign individual.
Thank you. 

Hi kinki920,
The transfer of funds from an overseas bank account to a UK bank account would have no income tax implications, but any interest or dividends generated may be taxable.                               
Tax on savings interest                               
Tax on dividends
Thank you. 

Hi YM Ying,
In response to your earlier queries:
1. A refunded deposit received from a former landlord is non taxable.
2. Loan repayments (received as a lender) are non taxable, but any interest received would be taxable.
3. As regards the property purchase price rebate, HMRC would require sight of  any relevant contractual documentation before confirming the position.
Finally, as regards exchange rates published by HMRC, these can be used at a taxpayer's discretion.
Thank you. 

Hi Rebecca Leff,
The expenditure must have been incurred wholly and exclusively for the purposes of the acquisition or disposal.
The preparing of the Capital Gains report does not fall under this:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you. 

 

Hi Diplo23,
For you wife there won't be as its her only and main residence.
For you, possibly as you are not living there.
Please see guidance at: 
CG64485 - Private residence relief: only or main residence: two or more residences: right of nomination
Thank you. 

Hi jeremy child,
Yes you can do that.
Thank you.

Hi Shiawase,
The residence page covers residence, domicile and the remittance basis.
 You would complete the residence page, if you are not resident in the UK, eligible for overseas workday relief, became UK resident during the tax year, claiming split year treatment, have a domicile outside the UK or have foreign income / capital gains and you want to use the remittance basis for the tax year.
If you are tax resident in the UK for the whole tax year and none of the above mentioned reasons apply, then you would not need to complete the residence page.
Thank you. 

Hi Julien Prud’homme,
Income tax and Capital Gains Tax are taxable in the UK, using the 'arising basis'.  
This means that you are taxable on your world-wide income in the UK, in the tax year that it arises.
Article 14 of the Uk / Hong Kong double taxation agreement, advises that if you are resident in the UK, but employed by a Hong Kong employer and undertake that work in the UK, then this income is taxable in the UK, not Hong Kong. 
UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL
Thank you. 
 

Hi ERM2023,
The transfer of money from an overseas bank account to a UK bank account has no income tax implications, unless interest or dividends are generated.                                  Tax on savings and investments: detailed information
Thank you.