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Sam
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Category: Tax
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I would like some help with y 2012-13 online tax return. I

Customer Question

I would like some help with y 2012-13 online tax return. I am a UK citizen living outside UK for 2+ years who has rental property in the UK for which I split the profits with my spouse annually, however this financial year I exercised some stock options that I had been given while working in UK. I need to know how to report this and whether I will be able to claim back the tax my employer withheld on exercise of the options.
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your question

 

When did the employment cease with the UK employer with whom the stock options were excercised, do you know whether these wre paid through the payroll, and whether any tax was deducted (were you provided an additional P45/P60 regarding these stocks)

 

Thanks


Sam

Customer: replied 3 years ago.

My employment ceased 31 Dec 2011.


I have the P60 as tax was withheld by the company when I exercised the option.

Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your response

 

Then along with the UK property part of the return you also complete the employment page, with the amount paid and the tax suffered and of course also the residency page.

 

As long as you are to be treated as not resident for the tax year, then you will get a refund of UK tax on the stock option excercise, and also be due personal tax allowances, as a UK citizen, which will be used to offset against the UK rental income with any balance liable to UK tax.

 

I assume you are usuing your own software as the HMRC free self assessment online software as yet does not allow the residency page to be filed online (as its a basic system that is not evolved enough to count and recognise days ina nd out of the Uk and its impact on taxation of income)

 

Thanks


Sam

Customer: replied 3 years ago.

Yes I use the Forbes tax system and submit electronically. Do I need to answer Yes or No to the resudency question? i.e. were you not resident, not ordinarily resident or not domiciled in the UK and claiming remittance basis?

Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your response

 

Yes - you put yes, if you were in fact, Not resident for the period (which means you are stating that you spent the whole tax year living outside of the UK and that your visits to the UK, were all of a non related basis, and that these days did not exceed more than 90 days (or an average of 90 days when viewed over 4 tax years)

 

Thanks


Sam

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