HMRC Admin 25 Response

Hi 
No, as the property will be your main resident for the whole period of ownership, private residence relief would cancel out any gain
No tax would be payable.
Thank you 

Hi Adwoadei,
The expenses arising in a tax year before the property is rented out, can only be claimed in the first year of rental.
As the property was let in the tax year 2023 to 2024, but you incurred expenes to bring the property up to an appropriate standard in the 2022 to 2023 tax year, you would only be expected to complete a 2023 to 2024 tax return, in which the expenses declared would include those expenses that occured in the 2022 to 2023 tax.
Thank you. 
 

Hi nsdc C,
A Self assessment tax return is required.
As long as you have any overseas income or capital gains, then you will meet the criteria for completing a tax return, in which you will dedclare your world-wide income and capital gains.
Thank you. 
 

Hi rattypate,
There are websites on the internet that can provide you with historical exchange rates to/from cypriot pounds to UK pounds sterling.
You could try searching the likes of "historic exchange rates for 1986".
The National Archives only go back as far as 1989.
Exchange rates from HMRC in CSV and XML format
Thank you. 

Hi maymaizy,
It can take up to 8 weeks from making your payment of voluntary National Insurance contributions to it being shown on your Personal Tax Account. You may wish to call our National Insurance Helpline 
National Insurance: general enquiries
They will check your payment and arrange for it to be allocated.
It might be helpful if you had your payment details handy when you called just in case they are needed.
Thank you. 
 

Hi eod,
To be entitled to pay voluntary Class 2 National Insurance contributions whilst overseas, an individual must have been normally employed or self-employed in the UK before their departure and employed or self-employed overseas.
From the details that you’ve given it would appear that our International Team has not calculated the amount of voluntary lass 2 contributions correctly and they will need to look at this again.
If you could send them a letter to confirm your periods of employment/self-employment again and ask then to revisit their calculations.
Sorry for any inconvenience.
Thank you.

 

Hi Nigel007,
We are sorry that your payment of voluntary contributions has not been allocated to your National Insurance account yet.
If you could call our National Insurance Helpline on +44 191 2037010 then they will be able to arrange for it to be dealt with.
National Insurance: general enquiries
If you could have your payment details with you when you call this might be helpful.
Thank you. 




 

Hi cwatkins,
Please have a look at the guidance here:
Find out the rules about Individual Lump Sum Allowances
Thank you. 

Hi Skippiemcgee,
Please have a look at the guidance here:
Individual Savings Accounts (ISAs)
Thank you. 

Hi RNW,
As there is no Capital Gains Tax liability arising from the transfer of assets between a husband and wife or civil partners, your wife received a 50% share in the property at the value you inherited it at.
This means that should you ever sell the property, both of you have an acquisition cost using the value at the time you inherited it.
Thank you.