HMRC Admin 25
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RE: Selling US stock issued by employer
Hi Cooper,
As the payment is from your employer, the income should be shown in the employment section if it is included in your P60.
You would then claim credit for the Tax in the foreign section under 'Employment, self-employment and other income which you paid foreign tax on'.
If it's not included in your P60, please include it on the box on the employment page for 'Tips and other payments not included on your P60'. ERSM20193 advises that when RSUs payout at the market value on what is called ""dividend equivalents"" in either cash or shares, such payments will generally be taxed as earnings in the year they are received.
ERSM20193 - Employment-related securities and options: what are securities: RSUs and dividend equivalents
Thank you.
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RE: Cash Gift from Parent who lives abroad
Hi Joanne,
There are no Income Tax implications on the receipt 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
Tax on dividends
Thank you.
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RE: Self Assessment tax refund
Hi lizmcphil,
We will need to access your record to review this for you.
You can contact HMRC:
Self Assessment: general enquiries
Thank you. -
RE: Tax Payment For Breaching Money Purchase Annual Allowance Limit
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RE: PCLS on a QROPS
Hi Ken Dunn,
HMRC cannot advise on when legislation is updated.
Thank you. -
RE: Clarification on Remittance for International Investments
Hi mailgvuk1,
If the account is in the UK this would be UK income and need to be declared if it gnerates anything or is used to pay for anything.
Thank you. -
RE: Personal allowance
Hi Wai Nang Chin,
You will not have the personal tax allowance (PA) for tax 23/24.
You will be able to claim the PA after that if you are a UK resident.
Thank you. -
RE: Clarification on taxes on Saving accounts and National bonds
Hi Nando89,
That is correct. for the gilts, please see:
CG54900 - Securities: Gilt-edged securities
Thank you. -
RE: non-residence dividend tax
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RE: Interest on savings PAYE and self assessment
Hi Lightbulbmoment G,
When you submit the tax return the tax due on your savings income will be collected through your Self Assessment tax return.
Once your tax return is filed your tax code would then be reviewed.
If you do not want the savings collected in the tax code going forward you need to answer 'NO' to the question on the online tax return.
If you are likely to owe tax for the current tax year (ends 5 April 2025) on income other than employed earnings/pensions e.g. savings or the High Income Child Benefit Charge, do you want us to use your 6 April 2024 to 5 April 2025 PAYE tax code to collect that tax during the year?
Thank you.