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Posted Tue, 22 Nov 2022 14:45:57 GMT by HMRC Admin 17

Hi
 
Dcyc0001,
 
Savings are not classed as income and are not subject to tax. 

Any interest, arising from those savings, is classed as income and is taxable. 

There would be no tax liability in transferring savings from a HK bank to a UK bank.

Any interest transferred would be taxable.

Thank you.
Posted Wed, 30 Nov 2022 16:01:01 GMT by Siuman011
I came to UK on 25 Feb 2022 via BNO visa. After 183 days, I have been a tax resident. I only have the pension from Hong Kong Government as my main income in UK. Under UK/Hong Kong Double Taxation Treaty DT9207 Article 17, stated that pensions arise in Hong Kong are taxable ONLY in Hong Kong. Will this income therefore need to be declared under self assessment of the year 6 April 2021 and 5 April 2022?
Posted Thu, 01 Dec 2022 08:53:24 GMT by NewJoiner
Hi, We have recently arrived in the Uk using the BNO visa. We were not tax residents in the past tax years. Based on the residency test, to the best of my knowledge, we believed we are not tax residents yet. I have some questions Q1. At the time of writing as a non tax resident, if we have some offshore bank accounts with HKD accumulated from previous work and savings in HK, and if we convert HKD to GBP and transfer it to a UK bank account, would that create any tax liability? Q2. Similar to Q1. If we do the same currency conversion and money transfer AFTER we become tax residents, would that imply any tax liability? For example, if there is any tax liable and we believe we will become tax residents on 1 Jan 2023 and we only do the currency conversion and transfer on 1 Feb 2023, how would the capital gain tax be calculated? That is, from when does it define the base value of the asset? Q3. If the offshore bank account already has some GBP before becoming tax residents and if I want to transfer the GBP to a uk bank account, does it matter if I am or am not a tax resident in terms of tax implications? Q4, if I have an offshore bank account with previous income and gains from HK, and I become a tax resident on 1/1/2023, does that mean only the interest income incurred after 1/1/2023 would be subject to income tax if I transfer the money to a UK bank account?
Posted Fri, 02 Dec 2022 14:48:33 GMT by HMRC Admin 32
Hi Siuman011,

No, you do not declare this to the UK.

Thank you.
Posted Fri, 02 Dec 2022 15:04:07 GMT by HMRC Admin 32
Hi NewJoiner,

Please refer to guidance here:

Tax on foreign income

Thank you.
Posted Fri, 02 Dec 2022 15:18:48 GMT by NewJoiner
Hi, based on the document, I am still not sure about the answer to the above 4 questions. Can you help address them please?
Posted Wed, 07 Dec 2022 16:38:45 GMT by Siuman011
Recently, I have clarified that my pension received from Hong Kong Government is not required to declare to the UK. However, I have previously contacted HMRC to register for Self Assessment, have received the letter for set up a Self Assessment record. It is stated necessary to complete a tax return. As the pension from Hong Kong Government is my only income, do I need to complete the tax return?
Posted Fri, 09 Dec 2022 09:44:24 GMT by HMRC Admin 19
Hi siuman011,

As the pension is only taxable in Hong Kong and this was the only reason for Self Assessment, you do not need to complete the return. You should contact the Self Assessment team to have the record closed.

Self Assessment: general enquiries

Thank you.
Posted Tue, 13 Dec 2022 14:16:08 GMT by HMRC Admin 2
Hi NewJoiner,

This will be based on your actual tax residence and is covered in the link provided.

Tax on foreign income

Thank you.
Posted Sat, 17 Dec 2022 06:53:35 GMT by terry_tt
Hi. I am retired HK civil servant with BPS 50,000 annual pension and HK net annual rental income of BPS 25,000. Please kindly advise how HMRC calculate my UK tax.
Posted Wed, 21 Dec 2022 11:04:52 GMT by HMRC Admin 32
Hi,

Please refer to guidance here:

Tax on foreign income

Thank you.
Posted Wed, 21 Dec 2022 17:04:15 GMT by Chris Lo
Hi Admin, I am a BNO visa holder and have arrived UK on 10 Sep 2022. I would like to know: 1. I will stay for more than 183 days on 5 Apr 2023. So am I a tax resident in the year 2022-2023? 2. I have quitted my job on 31 Aug 2022 before I arrived in UK. To the salary before 31 Aug, I have cleared the tax in Hong Kong. Is that salary taxable to UK as I gained it before arriving in UK? 3. If I am a tax resident in UK in the year 2022-2023. Is the interest income from savings, in the period before I arrived in UK, taxable? Thank you very much for your advice.
Posted Thu, 22 Dec 2022 12:59:18 GMT by HMRC Admin 32
Hi,

You will need need to review the guidance at RDR1 and apply the tests at RDR3, to determine your residence status. If you are deemed resident for the full tax year, then you will need to convert your Hong Kong earnings and tax deducted into pounds sterling and declare on a Self Assessment tax return. If split year treatment applies, you would only declare your UK income from your date of arrival.  

Residence, domicile and the remittance basis: RDR1

Thank you.

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