HMRC Admin 21 Response
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Re: Executor CGT allowance
Hi Jo P-K Payne,
No you are only due the annual exempt amount in the year of the sale. you are given the extra 2 years to finalise the estate to claim the annual allowance. if still not finalised by then, no exemption applie and any gain made is fully taxable.
Thank you. -
Re: IRA tax treatment
Hi RedSquirrel,
You will not declare the inheritance and any tax due is only on the interest that is received from the IRA, this is declared as foreign interest. -
Re: RE: Capital gains on a property that has been divided - used a holiday let and then for family
Hi Fenella Hamilton,
In reply to your question the answer is no.
Thank you.
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Re: Medical trial compensation
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Re: PAYE tax payer suddenly asked to submit tax returns for 2020 to 2023 - how do I do this?
Hi ShonaghY,
You can file the tax returns back to 2020/21 online. You would need to set up a online account and enrol to file the tax return online:
File your Self Assessment tax return online.
To check why the notice to file the Self Assessment tax return was issued you will need to contact: HMRC Self Assessment: general enquiries.
Thank you. -
Re: RE: UK expat/US resident - do I need to submit a tax form?
Hi AI B,
Please have a look at the tax treaty with the USA at UK/USA DOUBLE TAXATION CONVENTION. You would need to consider your type of pension and the taxation of it. If it is taxable in the USA, you can claim a credit of up to 100% of the foreign tax paid, by claiming foreign tax credit relief in your tax return. If it is not taxable in the USA, you would need to claim back any tax paid from the IRS. No foreign tax credit can be claimed in your tax return.
Thank you. -
Re: Incorrect SIPP contribution
Hi D629597,
We cannot comment on scenarios, real or imagined. You can pay up to £60000 or up to your earning level if lower than this. Your pension provider would claim 20% tax relief from HMRC. You gross up your payment into your pension ((payment/80)*100). You then claim a further 20% from HMRC by either declaring in a self assessment tax return or by writing to HMRC at H.M. Revenue and Customs Pay As You Earn BX9 1AS, including supporting evidence of payments made. This can be provided by your pension provider.
Thank you. -
Re: CGT on residential property with part used exclusively for business
Hi michael Sumner,
If both parts were sold together, you would need to break the capital gain into two parts. 75% for residential and 25% for non residential. In the SA108 (https://assets.publishing.service.gov.uk/media/660bbb40f9ab417b75eea375/sa108_2024.pdf) you would declare the 75 in the residential section, including private residence relief, if allowable. You would also intlude the non resdiential section at "Other property, assets and gains" and claim Business Asset Disposal Relief (BAD) in this section. Self assessment will apply the annual exempt allowance as parts of the calculation.
Thank you. -
Re: Potentially dual tax resident - Will I need to pay UK tax on my Gibraltar QROPS pension
Hi macaque25 OnTheRock,
This would appear to relate to a date in the future and as such we cannot comment as legislation and/or plans may change.
Thank you. -
Re: Split Year Treatment, Foreign income, Employment
Hi CAMI,
Yes it applies to all points on both posts.
Thank you.