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Posted Wed, 16 Nov 2022 21:29:02 GMT by Ming Lai Ng
Hi, I'm a BNO Visa holder. I've transferred over 280K pounds from my Hong Kong bank account to that of the UK for buying a property to live and for cost of living in the UK. Is there any tax there that I need to pay for? Thank you! Best, Ming
Posted Fri, 18 Nov 2022 16:06:10 GMT by HMRC Admin 10
Hi
You do not need to pay tax on the transfer of the capital.
However, if this then generates any interest or dividends then tax needs to be paid on that.
Thankyou.
Regards.
Posted Sat, 19 Nov 2022 15:09:22 GMT by al1918 YU
Hi, I'm non-domicile and tax resident just relocate to UK from HK. I have a few Hong Kong bank accounts (open in HK). If I change the permanent address from Hong Kong to UK of these bank accounts, will money transfer into this account to be considered as money bring in UK? Thanks
Posted Mon, 21 Nov 2022 13:46:30 GMT by HMRC Admin 17

Hi,
 
The remittance basis relates to 'income' and 'gains' being remitted to the UK. 

Savings in a bank account for example, is not considered income. 

Interest arising from the savings is income and may be subject to tax. 

Guidance on the remittance basis can be found at:

Guidance note for residence, domicile and the remittance basis: RDR1   .

Thank you.
Posted Wed, 07 Dec 2022 21:04:43 GMT by Ming Lai Ng
Hi, As said, I don't need to pay on the transfer of capital, but ” if this then generates any interest or dividends then tax needs to be paid on that.” As there is not much interest generated, the question is that is there tax allowance in this regard? Best, Ming
Posted Fri, 09 Dec 2022 11:33:43 GMT by HMRC Admin 19
Hi,

You have savings allowance and dividend allowance. You can see more information here:

Tax on savings interest

Tax on dividends

Thank you.

 
Posted Fri, 09 Dec 2022 17:10:51 GMT by Ming Lai Ng
Hi, How about saving interest earned from a Hong Kong bank account? Is it taxable in the UK? If so, it is also subject to the savings allowance under the UK rules. Correct? Thank you. Best, Ming
Posted Tue, 13 Dec 2022 09:48:04 GMT by HMRC Admin 17

Hi,
 
Please refer to guidance at :

Tax on foreign income    .


Thank you.
Posted Thu, 15 Dec 2022 09:35:48 GMT by bedirhan baran
Hi, I moved to the UK in 2017 and have been living here since then. I have an ILR. I want to transfer my money from Turkey to buy a property here in the UK. The money I want to transfer is my capital that I had before I moved to the UK in 2017. 1. Do I need to declare it to HMRC? 2. Does it have any tax implication? Thank you. Bedirhan
Posted Tue, 20 Dec 2022 10:53:24 GMT by HMRC Admin 19
Hi,

You do not need to declare the transfer of the capital. You do need to declare any interest or dividends that it has generated in Turkey and also if it generates any interest or dividends in the UK in the time it takes to buy the property.

Thank you.
Posted Fri, 30 Dec 2022 15:01:39 GMT by bedirhan baran
Thank you for your response. I have a follow-up question. I have an ILR in the UK but I am not a British citizen. Do I still count as domiciled? My capital in Turkey has generated interest in Turkish Liras but the total amount in GBP didn't increase, because the GBP/TRY rate increased since then. Regarding these two conditions, if I transfer the Capital only, do I still need to declare the TRY interest and pay tax on it? Thank you very much!
Posted Thu, 05 Jan 2023 17:08:30 GMT by HMRC Admin 20
Hi bedirhan baran,

HMRC cannot answer your domicile status - that is for you to determine.
Please refer to further guidance at -
Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.

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