Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 14 Aug 2024 00:31:30 GMT by SmallfishBa
Hi HMRC, Before I moved to the UK, I have saved a lumpsum of money in Hong Kong dollar and it has been kept in a bank in Hong Kong. I received savings interest so I reported and paid income tax via self assessment since I have become a UK resident. Now, since I am living in the UK, I need to exchange that money to GBP to support my life. Would such a transaction have any CGT implication? That lumpsum may be large but the purpose of converting it into GBP is not for any gain from FX rate movement. If it is considered as a gain / loss, how would one determines the acquisition cost since that money has never been in GBP before and it was accumulated in many years and it was before I became a UK resident. Thank you.
Posted Wed, 28 Aug 2024 13:01:19 GMT by HMRC Admin 20 Response
Hi,
There is no capital gain on this as the income is for personal use only.
You may want to look at Remittance basis 2024 (HS264)
Thank you.

You must be signed in to post in this forum.