HMRC Admin 21 Response

Hi YF Tsang,
The interest is taxable in the UK from the date you arrived in the UK. Any interest arising before that date should not be included.
Thank you.

Hi Brian,
Yes the balance above the personal allowance will be taxable.
Tax on savings interest
Tax rates, Income Tax rates and Personal Allowances.
Thank you.

Hi Jack,
This can be confusing from the way the legislation is worded, so this may be why you can find given 2 answers.
Please have a look at the guidance at CG73550 - Residential Property gains).
Please also have a look at but also directly to the legislation at (https://www.legislation.gov.uk/ukpga/1992/12/schedule/1B).
It would be classed as a residential property where 'the interest in land subsists under a contract for the acquisition of land where a building is to be constructed or adapted for use as a dwelling. It then goes on to clarify the basic meaning of a 'dwelling'. 
This area can become complex and all we can do is refer you to the guidance and legislation, as we do not have the full facts of the contact/agreement etc. You may wish to seek independent financial advice on this matter.
Thank you.

Hi Colin,
Plrease see: Tax on savings interest,
Thank you.

Hi mazmad,
If sold for less than probate value then no gain would be made and no CGT would be due.
Thank you.

Hi EB123,
For general advice please call the CT Services Helpline on 0300 200 3410.
Thank you.

Hi katiepressick,
I suggest you contact:
CT Services,
H M Revenue & Customs,
BX9 1AX,
or call the CT helpline on 0300 200 3410, and quote your UTR number where will look at your case fully.  
If the company has been dormant for a number of years, we may need to update your company accouting periods to a dormancy status, but to do this we will need you to provide us with further information. 
Thank you.

Hi susan,
Unfortunately, we cannot provide advice on the tax effect of the proposed transactions. Please approach an accountant or tax adviser to assist you with your queries.
Thank you.

Hi AA L,
1) You lend money to the company and the company earns bank interest (presumably) – the interest the company earns will be income from non trading loan relationships, declared in the company tax return form CT600 at box 170. 
2) No, please see above.
3) Interest earned by the company will have to declared in box 185. Please approach a tax adviser or accountant on the preparation of the company’s trading and profit and loss account and balance sheet. The profit or loss in the accounts will have to adjusted for tax purposes to arrive at a taxable profit or loss. If there is a trading loss the company may claim to allocate the trading loss against any interest income declared in box 185.
Thank you.

[Post amended to show the correct box number, apologies for any confusion - Admin]

Hi Gethin,
The DWP notify HMRC automatically when your State pension starts, this is usually within 7 days. HMRC will then issue an amended tax code including the State pension so tax is deducted accordingly which should reduce the chance of a tax underpayment arising. You can check your current tax code to ensure this has been updated on the personal tax account. Personal tax account: sign in or set up.
If your tax code has not been updated please contact us with the amount of State pension you are receiving so your tax code can be updated.
Income Tax: general enquiries.
Thank you.