HMRC Admin 25 Response

Hi Lou123,
HMRC cannot advise you on your residence as this is for you to determine based on the guidance available.
RDR3 Statutory Residence Test
You can check if you need to complete a tax return here:
Self Assessment tax returns
Thank you. 

Hi T_Trim,
You both need to report your own share.
As you have inherited it 50/50, everything will be split the same way.
Gains on UK resdiential property need to be reported and paid within 60 days.
Please see:
Report and pay your Capital Gains Tax
Thank you. 

 

Hi Richard,
The five-year rule was introduced when QROPS were first established in 2006.
It applies to the first five years of your residency status if you transferred your pension to a QROPS before 6 April 2017.
Ultimately you must have been UK non-resident for five consecutive tax years ahead of retiring or beginning to draw from your QROPS.
As you meet this criteria, then yes  you can now access without any UK tax liability.
Thank you. 

Hi CHRIS SMITH,
You are correct.
Thank you. 

Hi Sam,
Only if they are still doing any of the duties in relation to the self employment whilst in the UAE.
Thank you. 

Hi dmoore84,
Yes the rate of tax due on your employment income will not be affected with the gain.
It is the level of the employment and any other income that then dictates the rate of tax for the Capital Gain.
Thank you. 

 

Hi Elvira Parler,
For the Capital Gains, please refer to:
Report and pay your Capital Gains Tax
For the InheritanceTax please refer to:
How Inheritance Tax works: thresholds, rules and allowances
or contact the IHT helpline:
Inheritance Tax: general enquiries
Thank you.

 

Hi Ann Q,
If a UK property and no tax is due then he does not need to report.
The base price for the son to then use for future selling, is the marker value price at the time of transfer.
This will be the same market value price that the father has used for the  disosal.
Thank you. 

Hi 
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
You would need to declare the income generated to the benefits office.
Thank you. 

Hi JF
We can confirm that 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.