HMRC Admin 10 Response
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RE Auto reinvesting
Hi
It is only if the company auto reinvest the dividends that you dont declare them. As you have the choice, this is still taxable and needs to be declared. -
RE Clarification on Allowable Business Mileage
Hi
As you dont have an actual place of work then this is business travel. -
RE: Do I need to report capital gains reduced to the annual exempt amount for my child?
Hi
If the actual disposal value was less than 50k then you dont need to report it. The dividend income will be covered by your personal allowances. -
RE IHT403
Hi
This forum does not deal with IHT and you will need to contact them direct on 0300 123 1072. -
RE Rules about when to use losses made in previous years
Hi
Previous years losses can be carried forward and used when you want to use them. -
RE: Banking Interest for Non-UK Tax Resident
Hi
If the actual account is in Guernsey this is not UK income and doesnt need to be declared. -
RE tax on an inheritance from abroad
Hi
You do not need to declare the inheritance but you will need to declare any income that is then generated by way of interest or dividends. For the property, if no income is being generated, you dont declare this until you sell or rent it out. -
RE foreign dividends
Hi
This is just an advisory message, you can save and continue. -
RE Tax relief on foreign dividend withholding taxes for shares in an ISA
Hi
No. Foreign tax credits are credit of tax paid overseas that is set against UK tax. Where there is no UK tax to pay, then there is nothing for a foreign tax credit to be set againsts, so no relief is due.
Amended response
No, if you are a UK resident you do not have to declare or tell us about any income or capital gains from ISA Savings and investments, including dividend income, you can see the guidance here:
SAIM2310 - Interest: exemptions: tax-free savings income: ISAs, PEPs and CTFs
You will need to approach the Canadian government direct regarding any claim against the withholding tax they have deducted on your ISA dividends. They may request you to obtain a certificate of residence from us verifying you are a resident in the UK for tax purposes. If they do, you can apply for a certificate of residence here:
How to apply for a certificate of residence to claim tax relief abroad
Thank you.