HMRC Admin 10 Response

Hi
The partnership will submit a P800 tax return for the whole partnership, which will included your share of the profits / loss.  As you are not resident in the UK, the profit is not taxable in the UK.  If you  have no UK taxable income, you would not need to complete a self assessment tax return.
 

Hi
Split the gain with your wife.
 

Hi
At the menu on the online tax return, please select ""3. Tailor your return"".  On page 2 of 3, select 'yes' to ""Did you receive any other UK income, for example, employment lump sums, share schemes, life insurance gains?"".
 

Hi
You would need to send a verified copy of the trust, your solicitor should be able to do this for you, although there may be a cost involved.  You can request this copy is returned to you, for safe keeping.
 

Hi
Please have a look at the guidance atINTM860750 - , which covers the  world bank.  You are resident in the UK, so taxable in the UK and not the USA.

Hi
No.  Costs incurred in converting to pounds sterling are not allowable, but the share disposal cost is.
 

Hi
There are no capital gains tax implications from the transfer of assets between spouses and civil partners.  The shares you transfer to your wife are transferred at your acquisition costs, so if the share are disposed of, the gain is based on the disposal value minus the acquisition and disposal costs.

Hi
You do not need to declare this sum.  Any interest dividends that your inheritance generate once you have received it, is taxable and should be reported to HMRC.

Hi
This is foreign self employment income.  You would include it with your gross turnover, in the self assessment sections, along with your expenes.
 

Hi
Your letter would explain the circumstance of the situation you find yourself in.  It is up to you whether to do this now or wait to see if you get a letter.