HMRC Admin 10 Response

Hi
These are not chargeable to capital gains and as such there is no capital loss. See guidance at What happens when I dispose of my shares/units in a non-reporting offshore fund?

Hi
If the house was left as part of the estate and sold for you to receive a share, the estate will be liable for any tax due. If it is a case that the house has been left to specific people and is being sold then capital gains will be due as it would be seen as the sale of a 2nd property - Tax when you sell property

Hi
That is correct.

Hi
You would declare the 'gain' received. The company will issue you with a chargeable event certificate that will show the amount of gain and number of years. Use this information to put on the return and the gain is then worked out on the number of years held .

Hi
The NT code cannot be issued in advance as we need to wait until the actual income source is on the record. This will only happen once the payment has been made.

Hi
You can if the pensin has not been deducted under the net pay arrangement whereby it is deducted for tax is calcualted. You will need to confirm this with your employers.

Hi
You would show the income as self employment - converted to sterling - and also show it under the foreign page. You can then claim foreign tax credit relief for the tax paid in the US. as non resident, you need to complete the residence section as well and as a US resident no personal allowances are due.

Hi
Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed).
You have to make 2 payments on account every year unless:
your last Self Assessment tax bill was less than £1,000
you paid more than 80% of the previous year’s tax you owed, for example through your tax code or because your bank had already deducted interest on your savings
Each payment is half your previous year’s tax bill. Payments are usually due by midnight on 31 January and 31 July.
If you still have tax to pay after you’ve made your payments on account, you must make a ‘balancing payment’ by midnight on 31 January next year.

Hi
As you got a refund, you need to take this into account when working out your foreign tax credit relief due and the claim cannot be more than you did in fact pay.

Hi dranupama
There is no tax consequence of the tax gift and if the house in question is your only or main residence then there will be no capital gains tax to pay if/when you sell.