HMRC Admin 25 Response

Hi Leo,
If you qualify for split year then you only report any foreign income for the UK part of the year:
RDRM12000 - Residence: The SRT: Split year treatment: Contents
If you do not qualify then you will need to report all your foreign income to the UK:
Tax on foreign income
The guidance at RDRM12150 at www.gov.uk will help you work out if split year treatment applies. 
Thank you. 

 

  

Hi Rob Wilkinson,
You will show it under listed shares. as it is the distribution.
Report the number of disposals as one, and give details that it is the investment fund that distributes the gain.
Thank you. 
 

Hi Jea7,
If the pension is a German State Pension, then it is not taxable in the UK.  
You will pay tax on it in Germany.
If the pension is a private pension, it is taxable in the UK.  
You would need to declare the pension on a Self Assessment Tax return.
Thank you. 

 

Hi nakshar,
The double taxation agreement between the UK and Australia does not allow relief for 'trivial commutation lump sums' (taking out the whole fund as one payment).
This means that you will pay tax on the pension in Australia, if you take the whole amount out.
It would not be taxable in the UK.
If not taken as a trivial commutation lump sum, any payment received from the pension would be taxable in the UK and not Australia.
You will need to consider the rules for the remittance basis as you may find that claiming the remittance basis more costly than declaring the pension.
Residence, domicile and the remittance basis: RDR1
Thank you. 

Hi Damion  Yates,
We are unable to give financial advice.
There are no Income Tax implications on the giving or receiving of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest 
Non cash gifts are a different matter, as the person giving the gift may be subject to Capital Gains Tax and the recipient if they dispose of the non cash gift.
Capital Gains Tax: what you pay it on, rates and allowances
Thank you. 

Hi Davidnormanpage,
No. It will still need to be included as part of your estate as part of the 7 year rule.
Thank you, 
 

Hi JanetB,
As the 21 to 22 and 22 to 23 tax year can still have Self Assessments Tax returns filed online or amended, the system will not update for 21 to 22 until after 31 January 2024. 
Thank you. 

Hi Lynn Chamberlain,
If you click 'Ask HMRC online' and keep stating 'speak with an adviser' you will be transferred to the queue for Webchat.
Self Assessment: general enquiries
Thank you. 

Hi PF,
If spending less than 183 days in the UK you would not be considered UK tax resident and you would only declare your income in Portugal.
If you stay more than the 183 days and are classed UK resident, you would be liable on your worldwide income.
Credit would be given for any tax paid in Portugal to reduce your UK liability.
Thank you. 

Hi Eack,
Please have a look at the guidance at SAIM3020, to determine if your bonds are still considered deep discount securities.
SAIM3020 - Deeply discounted securities: meaning of deeply discounted security
Thank you.