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Posted Fri, 23 Sep 2022 10:00:50 GMT by HMRC Admin 19
Hi Nella,

Yes. You can see further guidance here:

Shares and Capital Gains Tax (Self Assessment helpsheet HS284)

Thank you.
Posted Fri, 23 Sep 2022 10:04:54 GMT by HMRC Admin 19
Hi Nella,

Can you please clarify that when you refer to payments, is this a pension?

Thank you.
Posted Fri, 23 Sep 2022 12:09:32 GMT by Nella
This is not a pension. A private insurance plan that consists of life insurance and saving element. Lump sum payout will be made to owner when it reaches, say 10, 15 and 20 years. The life insurance portion will continue to enforce
Posted Fri, 23 Sep 2022 12:20:43 GMT by Nella
Is dividend payment of Unit trust made by way of extra unit, instead of cash, subject to U.K. tax? How to account for the value?
Posted Fri, 23 Sep 2022 15:57:45 GMT by HMRC Admin 25
Hi Nella, 

Depends if you are applying split year treatment.

If you qualify for split year then you only report any foreign income for the UK part of the year.

You can find guidance here: 

RDRM12000 - Residence: The SRT: Split year treatment: Contents

If you do not qualify then you will need to report all your foreign income to the UK. 

Guidance here: 

Tax on foreign income
 
The guidance at RDRM12150,  will help you work out if split year treatment applies. 

Please see this link to RDRM12150:

RDRM12050 - Residence: The SRT: Split year treatment: Case1: The relevant period

Thank you. 



 
Posted Mon, 26 Sep 2022 09:44:56 GMT by Will Cheung
Hi, Q1 I and my wife arrived in the UK on 23rd June 2022 through the Hong Kong BNO Visa program , do I need to fill in any tax related document this year? Q2 We're not employed and not self employed at the moment, but we have a joint account generating fixed term deposit interest in USD in a bank registered in Jersey Island, and that's going to be our sole income this year. We'd like to pay tax right away instead of using the remittance basis, what form should we fill in? Thank you very much.
Posted Mon, 26 Sep 2022 12:44:58 GMT by HMRC Admin 17

Hi
 

Nella" ,

 
Yes it will be taxed the same way as other dividends that you receive :

Tax on dividends  .

Thank you.
Posted Mon, 26 Sep 2022 12:57:42 GMT by HMRC Admin 17

Hi
 

Nella,

 
Please see guidance at :

Gains on foreign life insurance policies (Self Assessment helpsheet HS321)  .


Thank you.
Posted Tue, 27 Sep 2022 14:57:00 GMT by HMRC Admin 2
Hi Will Cheung,

You can find guidance here:

Tax on foreign income

Thank you.
Posted Tue, 04 Oct 2022 08:30:11 GMT by Wai Kin Yeung
Hello HMRC Admin, I have arrived at UK on 11th Jun 2021 and become UK tax resident since then. I have my last salary on 30 Jun 2021 (such delay is due to my annual leave, I am NOT working in UK during the period in between), when I have already became UK resident. 1. Am I correct to say, after I apply split year treatment with date 11th Jun2021, the taxable income will only start count from 11th Jun 2021 onwards? 2. If the above is correct, the salary between 11th to 30th is treated as foreign taxable income and is subject to UK tax? 3. The above amount already taxed in HK for 17% in tax clearance before I leave HK, can this 17% be deducted as otherwise it will be double taxed? Thank you for your assistance.
Posted Wed, 05 Oct 2022 14:13:52 GMT by HMRC Admin 17

Hi,
 
If the salary is from Hong Kong and all duties were performed in Hong Kong then the income is not taxable in the UK and
does not need to be declared  .

Thank you.
Posted Sat, 29 Oct 2022 22:32:01 GMT by JoeyCat
Hello! I have already moved to the UK and receiving income from a job in the UK. At the same time, I still own a property in Hong Kong. If I rent my property out and receive a rental income, the rental income is subject to Hong Kong property tax (15% of the rental income). Under the double tax agreement, is my rental income still subject to the UK income tax? If so, how it will be calculated? Do I need to file a tax return for the rental income? Thank you.
Posted Wed, 02 Nov 2022 16:22:13 GMT by HMRC Admin 10
Hi JoeyCat
If you are resident in the UK for tax purposes, for the whole tax year, but not domiciled here, then the remittance basis may apply.
If the remittance basis applies and you do not remit the property income to the UK, then it is not taxable in the UK and a tax return is not required.
If you do remit the property income to the UK, then it is taxable and a tax return is required.
If you use the arising basis, you would convert the profits and foreign tax paid to pounds sterling and claim foreign tax credit relief on SA106 of the tax return.
If you use the remittance basis, then the number of years you are resident in the UK is a factor in working out the remittance.
Remittance basis is claimed through SA109 supplementary page.
Please have a look at the guidance at RDR1 to see if the remittance basis applies.
Residence, domicile and the remittance basis: RDR1
The official currency exchanges to use can be found at :
HMRC exchange rates for 2022: monthly
You can choose any one of the three exchanges shown.
Thankyou.
Regards.
Posted Wed, 09 Nov 2022 21:23:28 GMT by H W Lee
Hi, I am BNO Visa holder and have lived in UK since May 2021. I continue to work for Hong Kong company after arriving in the UK. In case I withdraw the Hong Kong ORSO pension in 2023, do I need to pay UK tax? Thank you.
Posted Mon, 14 Nov 2022 12:36:31 GMT by GregW
Hi HMRC admin, I moved to UK by BNO visa and I am working for my Hong Kong employer currently. I've got my salary which has been deducted with the compulsory contribution for the pension (MPF - Mandatory Provident Fund from Hong Kong government). For the Amount for Income Tax purposes and Amount for NICs Purposes, should it be deducted salary I really get? Thank you.
Posted Wed, 16 Nov 2022 09:16:13 GMT by HMRC Admin 25
Hi H W Lee,

Article 17 of the UK/Hong Kong double taxation agreement, states that any pension, including lump sums, arising in Hong Kong, are not taxable in the UK.

UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL

Thank you. 









 
Posted Thu, 17 Nov 2022 11:11:55 GMT by HMRC Admin 32
Hi GregW,

We are unable to advise on any deduction taken from your salary from a foreign employer.

Thank you.
Posted Sun, 20 Nov 2022 06:16:48 GMT by chan888
Hi, I have a question about domicile, my family moved to the UK via BNO Visa in May-2021, My understanding is that I am non-domicile until I have lived in the UK for 15 of the last 20 years. If I die in the coming years before staying in the UK for 15 years, Will I be treated as UK Domicile? and subject to IHT on worldwide assets? Thank you for your answer. From https://www.gov.uk/inheritance-tax/when-someone-living-outside-the-uk-dies, it says : HMRC will treat you as being domiciled in the UK if you either: 1) lived in the UK for 15 of the last 20 years 2) had your permanent home in the UK at any time in the last 3 years of your life

[Personal information removed - Admin]
Posted Sun, 20 Nov 2022 23:07:43 GMT by Dcyc0001
If on arising basis and I pay income tax on all my foreign income, am I free to transfer funds (including interest income) from my Hong Kong bank account to UK without incurring any other tax? I am confused by clean capital and mixed fund concepts. Are they only applicable to remittance basis?
Posted Tue, 22 Nov 2022 14:23:32 GMT by HMRC Admin 32
Hi chan888,

We are unable to advise on hypothetical situations. You may wish to contact our Inheritance Tax team for further information.

Inheritance Tax: general enquiries

Thank you.

 

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