UK HMRC HS295 2013 free printable template

Help sheet 295 Tax year 6 April 2011 to 5 April 2012 Relief for gifts and similar transactions A contact Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0845 9000

It covers gifts from: a UK resident: £1 million or less a non-resident with an income, who is ordinarily resident in the UK, but has a permanent home abroad in the UK for less than ££5,0002,000,000 or more £5,000 (or in the case of a gift from a non-resident whose only income for the relevant tax year (including any tax paid in the current tax year not paid the previous tax year) is from the same sources as that for which income tax is payable) A non-resident whose income, who is ordinarily resident in the UK, but is ordinarily resident in a country outside the UK (a UK international business) for less £500,000 These rules allow for holdover liability to be deferred until the next year of the person receiving the gift. It is important to remember that: the £1 million threshold applies only to gifts worth £1 million. the £500,000 threshold is the same as that for income tax only The £1 million threshold and the £500,000 threshold do not apply to donations of more than £2.5 million (this is because they are made at the same time as a gift). The SA Borderline Helpline is run by HM Revenue and Customs (HMRC) and you can call it free (0 444). In the first 30 minutes they will ask: 'Is the person to which the gift is being made a UK resident? 'Is there sufficient evidence to prove that the person to whom the gift is being made is in fact a UK resident?' If the answer is Yes to both of these questions they will give you advice whether the person to whom the gift was made is liable for Capital Gains Tax. However, if the answer to either question is No they will inform you in advance that the person to whom the gift was made is not liable, but they will not give you any further personal advice. Hold over relief If a person disposes of property within a tax year other than: the tax year they had to pay Capital Gains Tax at the end of that tax year the period when the last of those gifts of £1 million or more which resulted in a £1 million liability was paid or the next tax year The exemption applies.

People Also Ask about where to send helpsheet

What is the time limit for HS295?

The time limit for the gift relief claim is four years from the end of the tax year of disposal. Therefore, for a gift in the tax year 2021/22, a gift relief claim is only valid if it is made on or before 5 April 2026. Both the transferor and transferee must sign the claim in form HS295 (if a joint claim is necessary).

What is HS295 holdover relief?

Holdover relief is available when an asset, such as an investment portfolio, is gifted to an individual out of a trust and there is an immediate charge to IHT as a result of the gift.

What is the gift hold-over relief on death?

Holdover or 'Gift' Relief The effect is that you, as the donor (person making the gift), do not pay any tax on disposing of the asset, but instead you pass on the gain to the donee (person receiving the gift) and this is deducted from their base cost.

How do I claim holdover relief?

You must claim jointly with the person you give the gift to. Send your claim at the time you give them the gift. Fill in the form in the relief for gifts and similar transactions helpsheet and include it with your Self Assessment tax return. If you send your tax return online, upload a scanned copy of the form.

How do I make a holdover relief claim?

Holdover or 'Gift' Relief The effect is that you, as the donor (person making the gift), do not pay any tax on disposing of the asset, but instead you pass on the gain to the donee (person receiving the gift) and this is deducted from their base cost.

What is the time limit for hold-over relief claims?

The time limit for claiming gift hold-over relief is four years and 10 months from the end of the tax year of disposal.

When can holdover relief be claimed?

While rollover relief postpones the gain until the replacement asset is sold, holdover relief only offers temporary relief and the gain is postponed temporarily for a maximum of 10 years. As a result, given the choice you should recommend rollover as being preferable to holdover relief.

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