HMRC Admin 21 Response
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RE: Personal Savings Allowance - edge case clarification
Hi chiyu,
You would be entitled to the £500 Higher Rate Personal Savings Allowance - while you would still be entitled to the full Starting Rate for Savings of £5,000, your total income crosses into the higher rate, so the Personal Savings Allowance changes to £500.
Thank you. -
RE: Paye issue, hmrc say I owe them when I don't
Hi Bones Rct,
To advise you correctly on what tax is outstanding on your pension drawdown, what has already been paid, and what your options are, we would need to access your record. To allow us to do this, contact us by webchat or phone via Self Assessment: general enquiries.
Thank you. -
RE: Tax Implications of Trading on Behalf of a Friend
Hi jgonzalezf87,
If the trading is in your name then it will be you who is liable.
Thank you. -
RE: Capital Gains Tax on selling share of inherited property
Hi willow54 Hill,
Your purchase price will be your share of the probate value and a new valuation will need to have been done - not based on equity release but actual sale value - for what your disposal will be.
Thank you. -
RE: Day trading 30 day rule
Hi Jackflood572,
It is up to you to make that decision, based on the facts of the case.
Have a look at BIM20205 - Meaning of trade: badges of trade: summary. Consider such things as, is this your sole occupation or do you have other employment to suggest you do not trade purely to make a living?
Thank you.
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RE: Do I need to do a self-assessment return?
Hi Steve,
No ISA interest does not count for this as ISA is tax free. It is a legislative decision for the £10k limit but not all it may be tax free as you still need to take into account any other income received.
Thank you. -
RE: How do I chase up missing refund?
Hi Jay,
Please go to Self Assessment: general enquiries and click 'Ask HMRC Online' - you can then talk to an advisor via our webchat.
Thank you. -
RE: Maximum Savings Interest before I need to pay tax
Hi Paulie,
Yes that is correct.
Thank you. -
RE: Taxation for Italian residents
Hi gerhardr l,
Guidance on Unilateral relief can be found at INTM161030 - UK residents with foreign income or gains: double taxation relief: Unilateral relief.
Please also have a look at Inheritance Tax: Double Taxation Relief.
Thank you. -
RE: Declaring and paying CGT on part of parents property
Hi Erv2024,
Please have a look at Capital Gains Tax, It contains a capital gains calculator, allowing you to save a copy of your calculation. Following on from the calculator, you can register for a capital gains account, so that you can report and pay the capital gains tax due. When using this calculator, you would only show the values for the percentage that you own.
Capital gains tax is payable by UK and non UK tax residents. As a non resident, your sister will need to submit a paper capital gains return form, which can be found at Report your Capital Gains Tax on UK property by post.
Please note that the capital gains tax should be reported and paid within 60 days of the completion date.
Thank you.