HMRC Admin 26
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Re: Applying Digital Nomad Scheme but still PAYE employee
Hi,
The P85 is still relevant as you will be out of the UK for a full tax year after the date you leave the UK. This will allow a code of NT (no tax) to be issued to your UK employer for your overseas period.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi NSH,
There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
and here:
Tax on dividends
Thank you. -
RE: Gift tax for cash gift from overseas
Hi h l,
There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to tax.
Further guidance can be found here -
Tax on savings interest and
Tax on dividends
Thank you -
RE: BNO
Hi,
Contributions would not be taxed but may be liable to relief.
Refer to guidance at:
Claiming tax relief on your contributions to overseas pension schemes
Thank you. -
RE: Split year treatment
Hi lon.deg,
It is. You can just complete the P85.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
Please note that a gift of cash is not in itself a taxable transaction. However, any interest arising when the sum involved is deposited in a bank account would have to be declared to HMRC.
Thankyou. -
RE: Split year treatment
Hi,
Please see here for guidance and examples on split year treatment :
Residence, Domicile and Remittance Basis Manual
Thank you. -
Re:BNO
Hi,
Foreign income and gains are only taxed in the UK when they, or amounts ‘in respect of’ or amounts ‘representing’ those income or gains, are ‘remitted’ to the UK.
If foreign income and gains remain offshore and are never regarded as remitted to the UK, the tax charge is effectively deferred indefinitely.
Please see guidance here:
Residence, Domicile and Remittance Basis Manual
If the overseas account contains income or gains which have arisen while t/p is resident in the UK there is a potential tax charge when the account is remitted to the UK.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
There are no income tax implications on gifts so this would not need to be reported for income tax purposes.
If the money generates any interest in a bank then the interest would need to be reported as this may be subject to tax.
Thank you -
RE: Gift tax for cash gift from overseas
Hi tugezer,
There is no tax due for income tax purposes on the transfer or gift of this money unless it generates interest in a bank account. The interest would then be subject to tax.
Thank you