HMRC Admin 21 Response

Hi Naveen,
Yes stamp duty is an allowable deduction.
Thank you.

Hi Annamaria,
We cannot comment on individual cases on this forum and can only direct you to the guidance.
Thank you.

Hi Mike,
No. your principle residence is sold at a no loss no gain for CGT purposes.
Thank you.

Hi Peter,
Please have a look at the guidance at:
Dealing with the estate of someone who's died and Dealing with the estate of someone who's died as this will cover inheritance tax guidance and capital gains tax.  If Capital Gains tax arises on the disposal of the property, then this should be reported and paid within 60 days of the completion date.
Thank you.
 

Hi,
If you mum is resident in the UK when the disposal is completed, then, their could be a UK Capital Gains tax liability.  
Any gain is worked out using UK rules.  All figures used in any calculations must be converted to pounds sterling, using a just and reasonable exchange rate that applied at the time of acquisition and disposal.  As this is a foreign property disposal, it would be declared in a Self Assessment tax return.  Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
For your convenience, there are exchange rates at: https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/
Exchange rates from HMRC in CSV and XML format
and for older rates at
https://webarchive.nationalarchives.gov.uk/ukgwa/20100602124114/Exchange rates from HMRC in CSV and XML format.  
You are free to use any of the supplied rates or one of your own choosing.  
There is a calculator at Tax when you sell property to help you work out the gain.  
As the property was your mums main residence for a period of time, she will be able to claim privare residence relief and include this in the tax calculation.  
Please have a look at: HS283 Private Residence Relief (2024) for more information.
Thank you.

Hi,
Student loan payments do not count.
Thank you.

Hi Paul,
Thank you for your question.  
Interest on mortgage payments is not allowable as an expense.
They are used instead as a reduction to your tax liability at 20%.  
You can find guidance on how to work this out at:
Tax relief for residential landlords: how it's worked out.
Thank you.

Hi,
You need to have a government gateway account to log into and complete. If you don't have one, you can create it.
Thank you.

Hi MrManny1,
Thank you for your question.  
If you are a non-resident landlord then basic rate tax must be deducted by the landlord’s representative and paid directly to HMRC.
To receive your rent gross, then an application for Non-Resident Landlord status must be made.  
For more information, please refer to our online Property Income Manual at:
 PIM4810 - Overseas landlords - summary of the non-resident landlord scheme onwards.
Thank you

Hi Syed,
Thank you for your question.  
You can transfer beneficial ownership to your wife and she will become liable for any tax that may be due.
This can be done via a Declaration of Trust.
For more information, please refer to our online Trusts, Settlements and Estates manual at:
TSEM9150 - Ownership and income tax: legal background: ownership: legal and beneficial ownership - separation 
There is also more information regarding ownership and income tax at:
​​​​​​​ TSEM9170 - Ownership and income tax: legal background: ownership income follows property - variation.
A Form 17 declaration is not required as this relates to jointly owned properties, not sole ownership.  
When completing your tax returns they should reflect the Declaration of Trust.
You would both declare the amount of income you received. Any expenses would also be calculated the same way. 
Thank you.