HMRC Admin 10 Response

Hi
Please have a look at Income Tax rates and Personal Allowances for details of the different tax bands.  The higher rate tax band changes to the additional rate band at £125140, so any taxable income above this figure is tax at the rate of 45%.

Hi
The tax free trading allowance of £1000, applies whether or not you have employment income or any other type of income.  Self employment / casual income is still taxable income, so the £1000 rules continues to apply.

Hi
If you complete a self assessment tax return (If your hobby turnover is more than £1000 pa, a tax return is required) you can claim losses for your business and elect to carry them forward and set against a future profit.  Where a tax return is not required, you can write to H.M. Revenue and Customs Pay As You Earn BX9 1AS, claiming losses and supporting your claim with a calculation showing the losses, so that they can be set against a future gain.

Hi
You cannot put money into an ISA after the tax year that you move.  
This means that you can still put money into the ISA in the tax year that you move.  You need to be resident in the UK to open a new ISA.

Hi
Any gain / loss is the disposal value of the inherited share minus the market value of the shares at the time of inheritance, including your disposal costs.  Where a gain exceeds the annual exempt amount (currently £6000) a capital gain arises and is either taxed at the lower rate (10%), higher rate (20%) or a combination of both.

Hi
We can only provide general information / guidance in this forum.  For an answer to a question of this nature, you would need to contact our self assesment helpline on 0300 200 3310, or seek professional advice.

Hi
A trust record is not required for this. however, HMRC need to have sight of the declaration of trust and this needs to be sent before the alternative beneficial owner of the income is noted. Without this, you need to declare the income as it is you who owns the property.

Hi Terese
HMRC cannot comment on future events as legislation/plans may change

Hi
There is no capital gains charged on the transfer of assets between a husband and wife, so there is no gain and no loss arising.
 

Hi Helen
If you are UK resident and still living in the UK when you withdraw the pension, you would need to declare it here. If you wait until you leave and are no longer resident it would be classed as Australian income only.