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Posted Mon, 21 Nov 2022 21:11:00 GMT by ray tse
Dear Sir/Madam, I came to the UK via the Hong Kong BNO Visa in May 2022. I have the some questions about the tax here. 1. I sold my property in Hong Kong in April 2022. If I move the money I get from selling this property to the UK in April 2025, will this money be taxed? 2. Assume I am the tax resident in the UK. If I work for a Hong Kong registered company and I already paid the income tax to Hong Kong government, do I still have to pay UK income tax? 3. Following question 2, if the answer is yes, do I pay the difference? Let's say my taxable income is £20,000 a year. Under UK law, I will need to pay £4,000 income tax (20% of £40,000). Under Hong Kong law, I already paid £1,000 to Hong Kong government. So, now I only have to pay £3,000 to the UK government. Is this correct? Many thanks for your help. Kind regards, Ray
Posted Wed, 23 Nov 2022 14:55:36 GMT by HMRC Admin 32

The capital itself wont be taxed but you will need to declare any interest and dividends that this generates whether it is in the UK or abroad.

If the work is carried out whilst you are in the UK then yes, you may be able to claim Foreign Tax Credit Relief.

You can find guidance here:

Tax on foreign income

Thank you.

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