HMRC Admin 13 Response
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RE: Tax (BNO Visa)
Hi
My colleague's answer is correct.
If your parents are sending your money to live on, then this is considered a cash gift and 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: How much tax you pay and Tax on dividends: How dividends are taxedThank you
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RE: HS304 or DT-individual form?
Hi
Disregarded income is savings and investment income from UK bank and building society interest, National Savings and Investments and dividends from UK companies.
If you were a UK resident, then these sources of UK income would be taxable.
As you are not resident, they are not taxable, but any tax deducted from them is included in the tax calculations and may not be refundable. Two calculations are required:
The first is with all the income that is taxable in the UK and
The second also include the disregarded income
The tax payable is the lower of the two calculations.
Any tax deducted from the disregarded income is set against the lowest liability and only if there is a surplus will it be refunded.
Have a look at Non-residents savings and investment income (Self Assessment helpsheet HS300)
HS304 Non-residents — relief under double taxation agreements (2020) would allow you to claim back tax paid in the UK on interest from bank and building societies, royalties, most work pensions and annuities.
Thank you -
RE: Internship Stipend from Foreign Internship
Hi
This depends on whether you are claiming split year or not.
If you qualify for split year then you only report any foreign income for the UK part of the year https://www.gov.uk/hmrc-internal-manuals/residence-domicile-and-remittance-basis/rdrm12000
If you do not qualify then you will need to report all your foreign income to the UK https://www.gov.uk/tax-foreign-income
The guidance at RDRM12140 - Residence: The SRT: Split year treatment: Case 3: The UK and overseas parts of the tax year will help you work out if split year treatment applies.
Thank you
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RE: Self-assessment handling for arriving in UK at 5-Apr, final day of Tax Year 2022-23
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RE: Tax on saving interest and dividend
Hi
If this is for the 23/24 tax year, yes. If for 22/23, no as the dividend allowance is £2000
Thank you -
RE: Claim tax relief for mortgage interest and property costs
Hi
No. please refer to guidance at https://www.gov.uk/tax-relief-for-employees/working-at-home
Thank you
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RE: How to calculate capital gain for stocks purchased long time ago?
Hi
- You will need to contact the company that you purchased them from or ask us to arrange a post valuation check - https://www.gov.uk/government/publications/sav-post-transaction-valuation-checks-for-capital-gains-cg34
- No you use the price on moving them to a different bank
Thank you
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RE: Year claiming Expense
Hi
No it needs to be the year the expense was incurred. If you were charged for the quotation you can claim for that within 2021-2022 but not the actual building of the decking/balcony.
Thank you -
RE: Freelance contractor living abroad
Hi
This would depend on your residence status. please refer to further guidance at https://www.gov.uk/tax-uk-income-live-abroad
Thank you