Sorry for the confusion here. Indeed, it is too complicated.
I would like to know more about the pre-owned asset amount I have to report on my tax return. If I give some money to my son as a gift, and he uses it to buy a house, under his name only. But, I will live with him. As I know there is a pre-owned asset concern here, to avoid this, I have to report the market rental amount as my income tax under the benefit from pre-owned asset on my tax return, am I right?
I don't know how to fill out the amount, so my next questions is can I take a reference to online real estate portal, like Rightmove and Zoopla? If the rental cost of similar house in the same area as mine is GBP 2,000/ month, can I put GBP 24,000 (GBP 2,000 x 12 months) on my tax return? Or I can put GBP 12,000 instead as I am living with my son, so the total monthly rental cost needs to be divided by two.
The third question is the tax rate for the benefit from pre-owned asset, if I am in the basic tax rate band, is that the pre-owned asset tax is 20% of the amount I reported on my tax return?
Hi, to report pre-owned asset charge on the Tax Return, how to calculate the market value if the doner is living with the donee. Can the rental value take a reference from other online real estate portal, like Rightmove and Zoopla? If the doner and donee live together, can the amount report to HMRC be divided by 2? Let's say the monthly rental cost is GBP 2,000 on the market, which means the amount reported to the HMRC can be GBP 1,000 x 12 months = GBP 12,000, am I correct? For the tax rate, it is based on the band of that person (basic/ high/ additional rate), right?
Hi, Me and my mum moved to the UK in the beginning of this year, before I left my home country, my mum gave me some money. May I know whether the money she passed me before we came to the UK incur any tax? Anything related to inheritance tax, the 7 year rule? Thanks.
Hi, I had a part-time job for a month, total salary was around GBP 300 only, and right now I have a full-time job. My previous company haven't passed me P45. I just wondering whether I have to complete P46 or not for my previous employment. Thanks.
Hi, I came to the UK in early May this year, and I will receive my last salary from my previous overseas company next month. I resigned in April, and this salary was for April. My previous overseas company hold my salary for few months because of their special company policy. I am just wondering whether I have to pay tax for this deferred income, which I earned before I come to the UK? Thanks.