HMRC Admin 8
-
Re:Declaration of Trust for property income
Hi,
Assuming that the property has been transferred a 50% beneficial interest in the property, then we would expect the income and expenses to be split between them, in the same proportion that the property is beneficially owned.
Thank you. -
Re:Rental Property Mortgage Interest
Hi,
Assuming that your husband has transferred a 50% beneficial interest in the property, then we would expect the income and expenses to be split between them, in the same proportion that the property is beneficially owned.
Thank you. -
Re:Income from rental property
Hi,
You would need to submit a revised deed of trust and Form 17 to revert the split back to 50/50 https:
Declare beneficial interests in joint property and income
Thank you. -
Re:Moving to Spain and keep working for a UK based company
Hi,
Detailed guidance for employers who have employees working overseas is provided at:
Employees working abroad
Thank you. -
Re:BNO - Overseas Bank Interests & Local Bank Interests
Hi,
As you are in receipt of interest from overseas bank accounts, you should register for self assessment and complete returns for the appropriate tax years:
Tax on foreign income
When completing your returns, you should include details of both your overseas interest and the interest from your UK fixed term savings accounts. Interest from ISAs is exempt from tax, and does not have to be declared.
Thank you. -
Re:Shared ownership of property (changes throughout ownership)
Hi,
Only those expenses that fall into the category of 'capital expenditure' can be offset against Capital Gains. Examples of capital expenses thast would normally be allowable are (a) adding an extension (b) installing a security system id there wasn't one before and (c) replacing a kitchen with one of a higher specification.
Detailed guidance on what qualifies as capital expenditure is provided at:
CG15150
CG15292
CG15150P
Thank you. -
Re:NRCG
Hi,
Private Residence Relief is available for the last 9 months before a residential property is sold if the property in question was at some point the seller's only or main residence:
Tax when you sell your home
If, as a non resident of the UK, you dispose of a UK residential property that you owned before 6 April 2015, you would normally use the market value at 5 April 2015 (rather than the aquisition cost of the property) to calculate the Capital Gain:
Non-resident Capital Gains for land and property in the UK (Self Assessment helpsheet HS307
Thank you. -
Re:Split year treatment
Hi,
On the basis of the informastion provided, split year treatment would apply for the 2021/22 tax year, and the UK part of the year would commence on the date you rented your apartment (ie the date from which you had your only home in the UK).
If your only income from the date you arrived in the UK was the bank interest figure quoted, you would not have to complete a 2021/22 tax return. However if you are in receipt of a foreign pension, you would have to register for Self Assessment:
Check if you need to send a Self Assessment tax return
Thank you. -
Re:CGT on Property
Hi,
Yes, on the basis of the info provided, the mother would be fully covered by Private Residence Relief and would have no Capital Gains Tax to pay: Tax when you sell your home
Thank you. -
Re:HMRC cheque for tax refund