HMRC Admin 21 Response
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Re: Business Asset Disposal Relief FHL
Hi AMLF,
The same rules/criteria apply to FHL disposals for Business Asset disposal relief as for other qualifying disposals.
Please refer customer to HS275 Business Asset Disposal Relief (2024) - GOV.UK (www.gov.uk and CG63975 - Business Asset Disposal Relief: qualifying disposals by individuals - HMRC internal manual - GOV.UK (www.gov.uk).
When the property became an FHL is a matter of fact. See PIM4110 - Furnished holiday lettings: qualifying tests for 2011-12 onwards (IT and CT) - HMRC internal manual - GOV.UK (www.gov.uk). For a new let, apply the tests to the first 12 months from when the letting began.
HS275 Business Asset Disposal Relief (2024).
Thank you. -
Re: tax relief on workplace pension
Hi ZQ,
If you pay tax at the basic rate, no relief is due on pension contributions taken after tax via a workplace pension scheme. For more advice, contact us by webchat or phone via Income Tax: general enquiries.
Thank you. -
Re: CGT on selling Furnished Holiday Let
Hi AMLF,
The guidance you refer to is in relation to an actual property business that lets the prioerty commericially so is therefore liable to pay NI on any profits. as yours would appear to be one property that is declared under the property section of the return, a form 17 is still required in order to show the beneficial ownership and any rental income should have been declared 50/50. in the absence of this any gain that arises when the property is sold will also be on a 50/50 basis.
Thank you
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Re: Transferring savings to spouse to reduce interest tax liability
Hi Weia chang,
No as this is seen as a gift and no tax is due on cash gifts unless this then generates any interest or dividends.
hank you. -
Re: Confusion about telling HMRC that I’ve left the UK to live abroad permanently
Hi james123456789y,
If you have left the UK and do not need to complete a tax return, please complete the online form P85 at Get your Income Tax right if you're leaving the UK (P85).
If you need to complete a tax return in the tax year you left the UK, you would need to include the supplementary page SA109.
Thank you.
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Re: RE: Capital Gains Tax on Discretionary Managed Account
Hi Michael Hamlyn,
A calculation of the capital gain figure can be submitted. HMRC may enquire into this at a later date and may ask for further evidence to support the calculation.
Thank you.
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Re: Non-uk resident flexible pension lump sum refund
Hi Colin C,
HMRC only issue repayments to UK bank accounts or a payable order, only cashable in UK banks. The only other option is to nominate a trusted person to receive the payment on your behalf.
Thank you. -
Re: RE: Exchange Rate for Foreign Income
Hi ChrisJames,
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. For your convenience, there are exchange rates at UK Government Web Archive/ukgwa/20231016190054/Exchange rates from HMRC in CSV and XML format and for older rates at UK Government Web Archive/ukgwa/20100202113554/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, such as a recognised stock exchange.
Thank you. -
Re: Pension contributions
Hi Motinha Mota,
The National Employment Savings Trust (NEST) is a workplace pension scheme set up by the government. This pension is taxable income, so you may have to pay tax on the payments you receive. The payments will not be made by your employer, but will be paid and taxed by NEST. Please have a look at the guidance at Log into your NEST account.
thank you. -
Re: Tax refund been pending over a year
Hi Jakk1395,
Repayments are randomly selected for further security checks, can take much longer. We cannot comment in this forum on your particluar situation, for that you would need to progress chase via our self assessment helpline on 0300 200 3310 or contact our webchat facility at Contact HMRC
Please have a look at the guidance at HMRC compliance checks: help and support.
Thank you.