michael Jerom

I am planning to sell my property at overseas (India) which worth around £30,000. I want to know the tax implications in UK. 1) If I reinvest in it in overseas do I have to show this on next tax return. 2) Overseas country has strict capital gain rules and if i pay capital gain down there, do i still have to pay capital gain down here. I am asking second question because, i do have overseas saving account for which interest received is taxed @33% at origin country for NRO Account Investment, but i still have to file return here in UK. But it is been told that i do not have to pay tax again here in UK. What really happened last year is that when i filed the return it came differently even though there is double tax avoidance deal. I shall explain as example. I have deposited £100 and got interest of £7 annually. They paid me £4.662(After Deducting 33% (£2.338)Tax). When i filed tax return here in UK, in the calculation I got exception on £2.338 which paid at overseas, but had to pay tax on the £4.662 received. That mean i paid here in UK 20% of £4.662 =£0.9325. So total tax paid for interest of £7 in combined both countries is £2.338 (Overseas) + £0.9325 (UK) =£3.2704 Which is equal to £3.2704/£7 = 46.72%. I just want to know the same problem would be raised in the case of capital gain tax as well.

Hi, As I am receiving Interest income from UK saving accounts and in need of register for self assessment. I tried on line and link come is that of Register for Self Assessment part of "Set up as self-employed (a 'sole trader'): step by step" and when submitting the form in that link reply coming from HMRC is that "your are not regisgtered as sole trader". Would you please able to send the link for registering for self assessment which is not for sole trader. Is there any telephone number for doing it on phone, if so please send let me know that as well. Normally howmany days would take for allocating me ULT number. Thanks