HMRC Admin 10 Response

Hi Nigel Heal
In 2018 the UK and Cyprus governments agreed to amend the DTA in respect of the taxation of government service pensions, so that from 1 January 2019, UK government pensions paid to residents in Cyprus who are not Cypriot nationals, are solely taxable in the UK.  A Protocol was put in place which allowed people affected by the change to elect to retain the benefits of the 1974 Agreement for a period of 5 years which ends on 31 December 2024.  Anyone that moved to Cyprus after this date or started to receive their government service pension after this date are taxable solely in the UK on that pension, unless they are a Cypriot national.  You can find a list of pensions and annuities that are considered government or non government at DT claims and applications - Types of income: Pensions and Annuities.  This change to the double taxation agreement, does not affect the state pension, as it is not a government service pension.

Hi
1) On your return, declare the amount you received personally - in this case, 50% of the total interest paid out by your bank. 2) You do not need to declare this interest until maturity, when the interest is credited to your account and made available to you to use. You can read more here - Savings and Investment Manual

Hi
For the 2024/25 tax year the HICBC threshold has increased to £60K & then 1% deduction for every £200 above this up to £80K when all child benefit due to be paid back Income Tax: Increasing the High Income Child Benefit Charge threshold

Hi
If you have oversubscribed in the current tax year, you can contact your ISA provider to instruct them to remove overpayment amounts to correct the error. If the error occurred in a previous tax year you should not do anything. You should not attempt to correct the situation. HMRC will write to you after the end of the tax year in question if appropriate.

Hi
You will need to check this with IHT on 0300 123 1072.

Hi
Please refer to HS286 Negligible value claims and Income Tax losses on disposals of shares you have subscribed for in qualifying trading companies (2024)

Hi
Your Hong Kong employment income is taxable only in Hong Kong, because that's where you were resident, when earning the income.  This includes the back pay for your annual leave.  It should not be included in your tax return.  You may need to amend  your return.

HI
You are required to declare the disposal on a self assessment tax return.  You should use a valuation that is just and reasonable.  How you obtain this, is up to you.  Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  For your convenience, there are exchange rates at Exchange rates from HMRC in CSV and XML format and for older rates at Exchange rates
You are free to use any of the supplied rates or one of your own choosing.

Hi
No as you are not UK resident.

Hi
You are only due the annual exempt amount in the year of disposal. The guidance states that the allowance may be available in the year of death and following 2 years, not all 3 years allowable in the 1 year.  The unused allowance cannot be carried forward. This applies to everyone.