HMRC Admin 25 Response

Hi semperlupe,
Transfering your Dutch compensation payment to your UK bank account would have no income tax implications (unless interest is generated) so no declaration of the transaction is required.  
Tax on savings and investments: detailed information
Thank you. 
 

Hi Win CHAN,
Where possible, please use the monthly exchange rates published on the Gov.UK website.
The annual 'spot rates' provided on the Gov.UK website are also acceptable, as are the rates published in national newpapers.                                        
HMRC exchange rates for 2022: monthly
Thank you. 
 

Hi Staves,
A capital gain should firstly be reduced by any capital loss incurred in the same tax year, before you deduct the annual exempt amount.
If any gain remains, you can then set off any unused capital losses carried forward from previous tax years.                                          
CG21520 - Individuals: losses: Relief for losses: examples 1 to 5
Thank you. 

Hi JOHN LLOYD,
The amounts may be incorrectly converting to an estimated annual amount which would cause your allowance or tax rates to be altered.
If you have signed up to the Personal Tax Account you can update the estimated income and this would amend the code accordingly.
Thank you, 
 

Hi phoebepenrose05,
If you sign up for the Personal Tax Account, or contact our Income Tax team you can choose how you wish the Personal Allowance to be allocated.
It can be all on one job or split between the two:
Income Tax: general enquiries
Thank you. 
 

Hi sunita seal,
Details of SIPP lump sums don't have to be reported to HMRC unless a Pension Savings Tax Charge is incurred.
Please refer to HS345:
HS345 Pension savings — tax charges (2022)
Thank you. 
 

Hi etd01,
This will be reviewed at the end of the tax year and HMRC will write to you if any corrective action is needed.
Thank you. 
 

Hi Sahiba Sachdeva,
The transfer of money from the UK to a relative in India (and vice versa) has no UK income tax implications.
Thank you. 

 

Hi sunita seal,
Gifts of money to relatives have no income tax implications and so do not have to be declared in a Self Assessment tax return.
There may however be Inheritance Tax implications:                                                       
Work out Inheritance Tax due on gifts
Thank you. 
 

 Hi CW,
I regret that I am unable to advise on VAT matters, however you may find some information at:
Bringing goods into the UK for personal use
You may also be able to obtain advice from the VAT helpline Number 0300 200 3700  Text Relay 18001 0300 200 3700  Overseas +44 2920 501 261  
(Open Mon - Fri 8am to 6pm. Closed on weekends and bank holidays)
VAT - VAT: general enquiries
Excise - Imports and exports: general enquiries

Article 13 of the Hong Kong / UK double taxation agreement (DTA) covers capital gains.
Paragraph 1 states that you may be charged Capital Gains Tax on the disposal of a Hong Kong property.  
You would need to undertake the residency tests at RDR:
RDR3 Statutory Residence Test
To determine your residency status at the time of diposing of your Hong Kong home.
There are guidance notes for residence at:
Residence, domicile and the remittance basis: RDR1

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who has died.  
If the person who has dies has their permanent home abroad, Inheritance Tax is only paid on their UK assets, for example property or bank accounts they had in the UK.
If your parents did not have a UK estate when they died, then no inheritance tax is payable.

I am unable to answer your question, as it does not relate to tax matters.
You may be able to find some advice at:
British National (Overseas) visa
Thank you.