HMRC Admin 25
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RE: Shared CGT on inherited estate - deed of appropriation required?
Hi Sam1931,
For guidance on this very specialised aspect of taxation, please call our Bereavement and Deceased Estate helpline:
Bereavement and deceased estate.
Thank you.
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RE: Equity Release repayment
Hi Ieu@n,
No, equity release sums are not factored into the Capital Gains Tax calculation when an inherited property is sold.
Thank you.
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RE: how long can you store share losses
Hi Colin,
There are two ways in which capital gains losses can be declared to HMRC:
(a) by submitting/amending your Self Assessment tax return or
(b) by writing to:
H.M. Revenue and Customs Self Assessment.
BX9 1AS.
You can claim losses for up to four previous tax years.
HS227 Losses (2023) provides more detailed information.
Relief for trading losses (Self Assessment helpsheet HS227)
Thank you.
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RE: CGT calculation on barn conversion
Hi Sue,
Yes, given the circumstances.
You should attempt to obtain a barn valuation from a professional with expertise in that area.
Thank you. -
RE:HMRC account suspended
Hi Victoria,
Please contact HMRC on:
Self Assessment: general enquiries
To allow us to review this matter.
Thank you.
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RE: VAT Error on return
Hi Antoinette,
If you have completed the error correction form and sent it in to us then please contact our helpline so that we can progress chase this for you.
Please see below:
VAT: general enquiries
Thank you. -
RE: Accessing new VAT account
Hi Nevis88,
You can remove the old VAT number from your Business Tax Account in order that you can add the service again using yout new VAT number.
If you log in to your account and select 'Manage Account' at the top of the screen
Then select Remove a tax duty or scheme and follow the on screen instructions.
Thank you. -
RE: Repayment of Input VAT on unpaid supplier invoices
Hi Laura,
Please see the guidance below:
Relief from VAT on bad debts (VAT Notice 700/18)
Thank you. -
RE: Self Assessment requirement as non-UK resident with foreign income
Hi mw2010,
On the basis of the information provided, you will not be UK tax resident in 2023/24.
However, as you have been a sole trader based in the UK since February 2024, and are likely to be tax resident in the UK in 2024/2,you meet the criteria for Self Assessment (SA).
You should register for Self Assessment (SA) as a self employed individual with overseas income.
Thank you.
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RE: Declaring Capital Gains Tax
Hi T_Trim,
It is not clear from your question exactly when the property was sold, but Capital Gains on residential property must be reported within 60 days of selling the property using our 'Capital Gains on UK Property' service.
As someone who is already required to submit a Self Assessment tax return, the capital gain should be reported again in the appropriate pages (SA108) of your return.
When reporting the gain, you will be asked to confirm the amount of Capital Gains Tax already reported and the amount of tax already paid, thereby giving you credit for the tax already paid.
Your brother would only have to register for Self Assessment if he meets the SA criteria; otherwise, he will only have to report his share of the gain via the Capital Gains on UK Property service.
Report and pay your Capital Gains Tax
Thank you.