HMRC Admin 10
-
RE: Interest to say sorry, from my bank
Hi
The 'sorry' payment is not taxable but the interest that they applied forms part of your personal savings allowance and is taxable income. -
RE: Tax on pre-6 April 2016 state pension lump sum
Hi
Your understanding of this is correct.
Please note though, your other income will also include the actual annual state pension that you are due to receive for the eyar and if this added to other income, not the lump sum, then takes you over the personal allowances then you will be liable to tax. -
RE: PAYE, freelance and property income
Hi
Freelance work (self employment) and income from property are different to employment income.
The payroll form is only asking you about employment.
They don't need to know about the other sources of income you have, so if this is your only employment or your first employment in the tax year, you tick the options for that. -
RE: Overseas Remote employee for a UK based employer
Hi ALLONOUROWN
Yes to both questions. -
RE: Is CGT set against Income
Hi
Your personal allowances are set against your pension,interest and dividends after the dividend allowance and savings allowance are used up.
Any excess is then lost if not used as they cannot be set against your capital gains.
Your capital gain would then be taxable on the profit after the deduction of the cgt allowance.
Based on your figures your gain would not be liable to tax. -
RE: Pension contribution
Hi
£24000 in box 1 and box 1.1.
Box 1.1 is only additional information and does not impact the tax calculation. -
RE: Carrying Forward CGT Losses
Hi
In year capital gains losses must be used first even if that means you lose out on the annual exempt amount.
For your scenario, the losses would be used against your profit and the overall figure is still below your annual exempt amount for 22/23 so no capital gain charge would be due. -
RE: Gifted shares by son to be sold immediately. Any CGT?
Hi
If there is no increase in value from the date they are gifted to the date they are sold, then no gain will be due.
Your son will need to check the tax position in Canada though for his tax position. -
RE: Capital Gain Tax on Overesesa Property
Hi
Yes.
The method for calculating capital gains tax applied equally to foreign property as it does to UK.
As the private residence relief covers any gain, there is no tax to pay.
As you were resident in the UK at the time the property was disposed of, you will need to declare the disposal on a self assessment tax return.
In SA108, you will need to claim 'PRR' in box 8 to declare private residence relief. -
RE: "Is this an Attributable gain?" when trying to View You Calculation
Hi
As you have claimed the foreign tax credit relief, you will also need to declare the actual gain that you made.