HMRC Admin 10 Response

Hi
Article 20 of the UK / India tax treaty (2020 UK-India Synthesised text of the Multilateral Instrument and the 1993 Double Taxation Convention — in force Updated 12 October 2022) confirms that pensions paid to a resident of the UK, are taxable in the UK.  Article 21 relates to students, but does not cover pension payments.  If you choose to claim the remittance basis, you will be required to complete a self assessment tax return to claim the remittance basis and declare the unremitted income.  The guidance at Tax on foreign income, advises that up to £15000 if this income can be set against food, rent, bills and study materials.  Any unremitted income used on things other than living costs and course fees, is taxable in the UK and would need to be declared on the self assessment tax return.  Using an overseas bank or credit card to purchase items other than living costs and course fees, is remitted income and is taxable.

Hi
This membership could be considered an intangible asset, where if you dispose of it for more than you acquired it for, a capital gain arises. In the current tax year the annual exempt allowance is £6000.00  If the gains in the year are below this sum, there is nothing to report.
 

Hi
HMRC will tax the sale in the correct way, regardless of the error reported to the IRS.  In your tax return, you would declare the income under its correct type and claim a foreign tax credit for overseas tax correctly payable on disposal.  In this way, the correct figures are declared to HMRC, leaving the matter of correcting the IRS matter to the individual.

Hi
There are 2 situations where a tax return is required.  This first is situation is where both of the following rules apply 1 - you have to complete a tax return for any other reason and 2 - you have disposed of assets worth £50000 or more.  If only one of the criteria is met, then you do not need to declare the gains in a tax return.  The second situation where a tax return is required, is where a capital gains tax liability arises and you have not reported and paid the capital gains tax using the online realtime transactions services, By 31 December after the tax year in which the gain arises.  If you are UK resident and the gain is covered by your annual exempt allowance, meaning there is no tax to pay, then there is nothing to declare, unless the first situation mentioned, applies.
 

Hi
If you purchase a second property, while still owning the first, you would need to declare which is to become your main residence and from which date.  If the date the other property becomes your main residence, is within 9 months of disposing of the first residence, then the rules on private residence relief will allow a further 9 months to add to the period of main residence of the first property.  The additional 9 months may result in no capital gains tax being payable on the disposal of the first property.

Hi
We can only provide general information / guidance in this forum.  For an answer to a question of this nature, will require  more personal informatin than can be declared in this forum, you would need to contact our self assesment helpline on 0300 200 3310, contact our webchat facility at Contact HMRC or seek professional advice.

Hi
The provident fund is not taxable.  Hong Kong government pensions and other pensions are taxable only in Hong Kong.

Hi
You would need to declare your share of the company as negligible value claim (NVC), which if agreed, can be considered a loss and set against other gains.  You would either submit a NVC claim in writing to H.M. Revenue and Customs Self Assessment BX9 1AS , toghether with supporing evidence or in your self assessment tax return for the tax year in which the business ceased.

Hi
If you submitted online, you can log back in to your account to amend the capital gains page for costs and final gain. If submitted in paper, you will need to write in to request an amendment to HMRC, PAYE & Self Assessment BX9 1AS.