HMRC Admin 21 Response
-
Re:Superannuation lump sum payment
Hi Joe Clark,
As UK tax resident and domicile you are liable on your worldwide income whether you transfer it to the UK or not. It would be considered a pension withdrawal. see guidance at Check if you’ve gone above the money purchase annual allowance.
Thank you. -
Re:Income from crypto asset staking
Hi Rhyviney,
Yes it needs to be reported. it may be seen as a trade and therefore covered by personal allowances or if not trading then it is capital gains and the annual exempt amount for 23/24 is £6000. you cannot use a previous years allowances . further guidance is atCryptoassets Manual and associated links.
Thank you. -
Re:Which kind of tax should be reported for US Treasury Bill
Hi WAI HOU LEE,
US government bonds, sometimes known as T-bills or treasury bills are generally taxed as income rather than capital gains. The return is paid at maturity rather than regular interest payments. In the UK, these are known as deeply discounted securities, with the discount being the difference between the price at which they were issued and the price received at maturity. On a foreign investment the income is the difference between the purchase and redemption price after each has been converted to sterling on the day the transactions took place, so includes any foreign exchange gains. Losses cannot be deducted.
Have a look at Savings and Investment Manual for more information.
Thank you.
-
Re:IRA Withdrawal - where to declare on self assessment
Hi MatildaJarvis Timewell,
There is no legislative definition of a Lump Sum but HMRC regards these as being any non-periodic payment of a pension - That is, any non-regular payment that decreases the value of the remaining pension pot after such payment is made. For example, the first (IRA) withdrawal is taken in year 1, the next withdrawal was made in year 5, and another withdrawal in year 7; such payments will not be regarded as periodic and will be treated as Lump Sum’s under the UK/USA DTA. Whereas any amount withdrawn in set, periodic, frequent intervals (e.g. weekly, monthly, annually etc.) would not be a Lump Sum, but rather periodic payments.
Article 17(2) of the UK/USA DTA provides the US with the right to tax any Lump Sum payment which is made from a US sourced pension scheme (including IRAs). However, the UK is also permitted to tax the same lump sum payment(s), which is in accordance with Article 1(4) of the DTA.
Thank you. -
Re:Stock Options vested in the UK and exercised abroad
-
Re:Employee wishing to be known by a different name
Hi RJ9129,
The employees name will be used to ensure the RTI information is attached to the correct payroll record, so the name would have to be the same as the name we hold officially. You can internally hold a different name.
Thank you. -
Re:Class 3 NI contributions
Hi Virgil Stockwell,
This would give rise to a benefit in kind - as its paying a personal bill. Expenses and benefits: personal bills.
Thank you. -
Re:PAYE Activation code
Hi Emily Lau,
Please call the Online Services Helpdesk on 0300 200 3600 for assistance.
Thank you. -
Re:Additional Pension Contribution tax relief on gross salary including personal tax allowance
Hi Dee,
The maximum tax relief we will give to members of registered pension schemes is up to 100% of their annual earnings. You can get more infromation at Pension schemes. For a repayment we can only repay the tax paid in the tax year.
Thank you.
-
Re:CGT Query
Hi Janni,
It is difficult to say without more information and it could not be determined in this forum. You would need to consider what the legislation allows HMRC to charge to tax and in turn consider if it falls under any of the categories. For example for it to be chargeable to income tax there would need to be either a connection to a trade profession or vocation ie the badges of trade or as a benefit from an employment. It is possible it is an intangible asset for CG, so you could refer to CG12010 - Chargeable assets: intangible assets: rights.
We can only provide general information in this forum and we don't know enough about it from this to say. All we can do is point you in the direction of the guidance to, make an informed decision. For an answer to a detailed question of this nature, you would need to contact our self assesment helpline on 0300 200 3310 or seek professional advice.
Thank you.