HMRC Admin 21 Response

Hi SassNorth11,
A tax return (SA100) is required, where you need to submit any additional tax return pages, such as SA106 (Foreign).  We cannot advise you whether you need to or how to make a deed of trust that would apply in Hong Kong. If you have to complete a self assessment tax return, you will be declaring your world wide income on the tax return, using the supplementary pages, such as SA106 (Foreign).  You may be asked to provide supporting evidence, where an equiry into your tax return takes place.
Thank you.

Hi terrywykwong,
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.  If you invest in deeply discounted securities, put the difference between what you paid for the bond and what you redeem or sell it for in box 3 of SA101 (page Ai1).  https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1148611/SA101_2023.pdf.
Thank you.

Hi Barnaby2024,
The disposal of the shares minus on the market value of the at the time of inheritance will result in either a gain or a loss.  The gain will be subject to capital gains tax.
Thank you.

Hi Steve Fernback,
You will need the market value of the shares at the time the gift was made.  This woud be used to calculate the loss arsing from the NVC.  The NVC should be included in the unlisted shares and securities.  You will need to include 'NVC' under other claims and elections.  The loss can be used against income in the tax year the NVC occurs.
Thank you.

Hi Ekathleen Kathleen,
There would be no tax implications as you would still be classed as UK tax resident and as such there is no change to working conditions/tax code.
Thank you.
 

Hi blueshaze,
Foreign tax credit relief cannot exceed the UK tax due on the same source of income. for your scenario, the relief would then be limited to £67.50. you would therefore enter the gross amount to claim this.
Thank you.

Hi Vineet Kumar,
If you had still not received the repayment then you will need to contact HMRC to review Income Tax: general enquiries.
Thank you.

Hi Dave Edwards,
1. The alternative split is a personal choice so it can be anything other than 50/50  
2. the declaration of trust and the form 17 must be submitted together  and 3rd party witness is required  
3. if applies to the account itself, this will include everything within that account going forward until the account closes or you submit an alternative split. if you specify the shares it will apply to that only and any further amounts inserted into the account after the date of the declaration will not have the alternative split.
Thank you.

Hi Sapan Desai,
Please also refer to Capital Gains Manual for conditions that must be met in order for the full period of absence to qualify.
Thank you.

Hi youractualboss,
That is correct.
Thank you.