HMRC Admin 10 Response
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RE: Sell the oversea property but finally failed completion
Hi
If the forefeited amount was refunded, there is no gain to report. -
RE: Chargeable Event Gain
Hi
If your share of the gain is over £10,000 then a tax return is required by both of you.
If its less, you can send in a copy of the certificate for HMRC to review. -
RE: Singapore CPF
Hi
Any contributions made up to 5th April 2017 will not be taxable upon receipt of the lump sum.
The rights up to that point are exempt.
Employee contributions from 6th April 2017 will not be taxable upon receipt of the lump sum.
When the CPF is paid out as a lump sum to a UK resident, Income Tax is charged on both the employer’s contributions and any growth in value of the scheme investments (from 6th April 2017).
No tax-free lump sum would apply as it does not qualify as a relevant non-UK scheme (RNUKS). -
RE: Full PRR when selling old house shortly after buying new?
Hi
No as you have already used part of it for the period that the 2 properties overlapped. -
RE: Split Year Enquiry
Hi
It is up to each individual to determine their own residence status by following the relevant Statutory Residence Test guidance.
Please therefore work your way through the guidance at RDRM12150 ( from Case 4 onwards) to determine your UK residenct status and establish when the 'split year' began.
Residence -
RE: Morocco Double Taxation Agreement PAY
Hi
Given that Employment/PAYE income is not specifically covered in the agreement, Article 21 (Income not expressly mentioned) appears to be the relevant section.
UK/MOROCCO DOUBLE TAXATION CONVENTION
Tax if you leave the UK to live abroad -
RE: Double Taxation agreement - withdrawing from UK pensions - non resident
Hi,
As a resident of the USA in receipt of UK pensions, you can claim double taxation relief, per the UK/USA Double Taxation treaty, by completing form DT-Individual, having it certified by the IRS and then forwarding it to HMRC. Links to both the form DT-Individual and the Double Taxation treaty (Article 17 covers pensions) are provided here:
DT US Individual 2002
Uk/USA Double Taxation Agreement - 2002
Thank you. -
RE: Tax on trading CFDs
Hi
When tailoring your return, you should answer 'Yes' to the question about the disposal of chargeable assets/claiming a capital loss.
By doing so, you will be given access to the Capital Gains pages, where you should enter the appropriate figures under the sub-heading ' Other property, assets and gains'.
You can enter your total Capital Losses for the year in Box 19 ('Losses in the year').
For more detailed guidance, please refer to the SA108 Notes and to HMRC's Cryptoassetts guide.
Capital Gains Tax summary notes
Check if you need to pay tax when you sell cryptoassets -
RE: Capital gains taxation for mutual funds redeemed in India
Hi
As a UK resident, you are required to declare your worldwide income and capital gains.
You should therefore report any capital gain arising from the redemption of the Indian mutual funds in the Capital Gains pages (SA 108) of your Self Assessment tax return, and claim any Foreign Tax Credit Relief due in the Foreign pages (SA106) under the heading 'Capital gains – Foreign Tax Credit Relief and Special Withholding Tax'.
HS261 Foreign Tax Credit Relief: Capital Gains (2018)