HMRC Admin 8
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Re:CASH GIFT FROM ABROAD (EU) - Can I transfer it into my Cash ISA or S&S ISA accounts
Hi,
There are no tax implications from a cash gift. If the gift was placed in an ISA, the interest would not be taxable.
If place in a traditional bank / building society account, the interest would be taxabel and should be declared.
Thank you.
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Re:Adjustment to Personal Allowance for Personal Pension contributionsl Pension
Hi,
The gross amount of pension contributions are recorded - the allowance is then given in the code to give the extra 20% tax relief to higher rate taxpayers.
Thank you. -
Re:Weekly cash gift
Hi,
There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends -
Re:capital gain tax question
Hi,
Please have a look at the guidance at:
CG72300 - Compensation: displaced tenants: general, as we cannot determine in this forum whether the compensation is chargeable to capital gains tax or income tax.
For further information, you would need to contact our self assesment helpline on 0300 200 3310 or contact our webchat facility at:
Contact HMRC(this may result in a call back being necessary).
Thank you. -
Re:Crypto capital gains international question
Hi,
Based on what you have stated, the deposit you have effectively had to pay back to the prospective buyer, does not meet the wholly & exclusively rules:
CG15250 - Expenditure: incidental costs of acquisition and disposal
CG15160 - Expenditure: categories of allowable expenditure
You do state that they settled for an amount lower than what you should have paid, so do you mean that you paid back less than the amount of deposit you received?
If that's the case, you haven't incurred a loss.
Thank you. -
Re:Cryptocurrency Gains of past tax years and Communication channels
Hi,
a) Yes.
b)No. (Capital gains and income tax are two separate taxed and do not intermix)
c) It is up to you how you show this. The example is there as a guide.
It is up to you if you want to create a spreadsheet that matches the example or use a different design layout.
You can contact HMRC from overseas at +441619319070 or via webchat:
Contact HMRC
Thank you. -
Re:DB pensions: take one but continue working & contributing to another?
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Re:Higher rate tax payer additional tax relief for Pension
Hi,
No tax relief is due on pension payments made under salary sacrifice.
Thank you. -
Re:Descresionary Will Trust Tax implecations and Chargeable Gain
Hi,
Please refer to:
How Inheritance Tax works: thresholds, rules and allowances or telephone 0300 123 1072
Thank you. -
Re:Income from rental property
Hi,
Looking at your previous question, we would advise that if your query does still relate to reverting the beneficial interest in five rental properties back to 50/50 between your husband and yourself, then a Deed of Trust is a legal document which sets out the terms of a trust.
A Declaration of Trust is a more precise version outlining specific equitable shares in said trust. In your case, either would suffice to revert shares, however, a Declaration would be more in-depth and would over-ride the existing Deed.
Thank you.