HMRC Admin 8 Response

Hi,
You cannot set interest accruing from a loan to reduce the gain from the insurance policy.  
Interest from a mortgage loan can only be set against rental income.
Thank you.

Hi,
HMRC can go back to the previous 6 tax years and on the arising basis, tax your world-wide income.  
As part of your self assessment tax return, you would claim foreign tax credit relief, when declaring your foreign income and tax deducted in each of the tax years.  
You may have tax to pay and their could be late payment penalties and interest as well, but this we cannot be sure of at this time.  
We do not communicate via email on personal matters.  You would need to contact our self assesment helpline on 0300 200 3310 or contact our webchat facility at:
Contact HMRC
You may also wish to consider seeking professional advice from the likes of an accountant specialising in this complicated area.
Thank you.

Hi,
The changes to the remittance basis rules do not take effect until 6 April 2025.  
Until then, the current remittance based rules will continue to apply.  
1 - No
2-  No
3 - No. the AEA is removed, as is PA.  We cannot answer a question based on future events.
Thank you.

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.
 

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.

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 

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.

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.

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.

Hi,
Please have a look at:
Tax when you get a pension
Thank you.