HMRC Admin 8 Response
Joined: 11/22/2019
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RE: Reinstatement after fire deduct expense CGT
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RE: Tax return for foreign REIT distribution (capital component)
Hi,
UK-REITS and NON UK REITS are vehicles that allows an investor to obtain broadly similar returns from their investment, as they would have, had they invested directly in property.
In the hands of the shareholder, the profits paid out are known as property income distributions or dividends (PIDs) and are taxable in the same way as profits of a UK property rental business.
Where Non UK REITs are distributed, the profits and foreign tax deducted are declared in the foreign sections under 'income from land and property abroad', where a foreign tax credit can be claimed.
They are not taxed as dividends, but as property income.
Foreign tax credit relief is restriced in a similar way to dividends.
Thank you. -
RE: US Tax Payment for days worked in the US with a UK income
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RE: Claim Travel and accommodation through SA for a course?
Hi,
As your employer has paid for all the work related costs then all other costs are personal and no relief is due as they do not meet the wholly necessarily and inclusively in the performance of your duties rule.
Thank you. -
RE: Self Assessment and Class 2 NI
Hi confused.tax,
We cannot comment on content given in non HMRC websites. our guidance is at:
Self-employed National Insurance rates
Thank you.
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RE: Part time second job for US based company
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RE: Tax on excess lump sum death benefit
Hi,
Please refer to guidance at:
Who must pay the pensions annual allowance tax charge.
This will update after 06/04/25 to reflect the new tax year and yes you need the return for both the charge and the gift aid.
You can still make the donation now and any additional tax due will be reflected on the tax return.
Thank you. -
RE: How to reclaim Spanish Withholding Tax?
Hi,
You can only claim a credit for this against your UK tax liability, as you state this would be 0, you will need to claim a refund from the Spanish tax authorities.
Thank you. -
RE: Question on Double Taxation and 'Non-domiciled' residents - Tax on foreign income
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RE: Tax for inheritance and selling property abroad
Hi,
In answer to your questions:
1.Only UK assets are considered for the IHT and as he was non UK resident then the Spanish property is not subject to this
2. As it has been sold for the same value as probate, no CGT is due
3. Not to HMRC but your bank may need something.
Thank you.