HMRC Admin 21 Response
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Re:Settlement of Share Options paid out by company and taxed as PAYE
Hi Dave P38,
Shares sold upon vesting are subject to income tax, as advised at EERSM20193 (Employment Related Securities Manual).
If the disposal is not at the time of vesting, then the disposal may also be subject to capital gains tax. You cannot claim the difference as a capital gain in your tax return. legislation dictates that is is income and taxed as income. If the income is not included in your P45, please include it on the box on the employment page for 'Tips and other payments not included on your P60'.
Thank you. -
Re:CGT Reporting Limit
Hi Chico99,
Both criteria have to be met. This first is do you need to submit a tax return for any other reason and the second is was the disposal value over £49200 in 22/23 (£50000 in 23/24) If you answer yes to both questions, you need to declare the gains in the tax return, ever if you have already reported the gains using the online service.
Thank you. -
Re:CGT Reporting Limit
Hi Chico99,
Re your question of 15/02/24:
The £50000 threshold for capital gains disposals only applies where you are required to complete a self assessment tax return for any other reason. If you do not need to complete a tax return, then the £50000 threshold is not relevant. Losses should still be claimed in writing. Both criteria must be met for the disposals to be declared in a tax return.
Thank you. -
Re:Pension Contribution using Unused Allowance
Hi Antony Jenkins,
You can add your surplus pension allowance from the previous 3 tax years to the pension allowance for the year in question. If your gross pension payment does not exceed the revised threshold, then there is nothing to declare. Where you exceed the revised pension threshold, you will need to declare the difference in a self assessent tax return, as tax relief will not be due. You can discuss with your pensoin provider, whether your pension pot will cover the tax due.
Thank you. -
Re:Interest and income brackets?
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Re:SA109 Box 6 and Box 10
Hi pigwai chau,
HMRC cannot advise you on this as it is for you to determine your residence and complete the section. you want to look at:
Residence, remittance basis etc notes Tax year 6 April 2022 to 5 April 2023 (2022–23)
Thank you.