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Posted Fri, 11 Aug 2023 12:21:35 GMT by
Hello, I arrived in UK on 27 Jan 2023, I have foundation in HK and I have some fund accounts in Hong Kong. If I cash out the funds and remit them to the UK account, do I need to pay taxes on the funds?
Posted Wed, 16 Aug 2023 08:22:43 GMT by HMRC Admin 25 Response
Hi kinki920,
The transfer of funds from an overseas bank account to a UK bank account would have no income tax implications, but any interest or dividends generated may be taxable.                               
Tax on savings interest                               
Tax on dividends
Thank you. 
Posted Fri, 18 Aug 2023 21:39:08 GMT by
Thank you for your reply The second question, I have signed a housing lease on 1 st January 2023 before arrived the country and successfully sold my self-occupied property in HK on 27 Feb 2023 and remitted the funds to the UK account, may I ask the above do I need to declare taxes on the funds, thank you
Posted Tue, 22 Aug 2023 12:39:05 GMT by HMRC Admin 17 Response


Hi,
 
Yes. per guidance on HS264 - Commonly foreign income and gains are ‘remitted to the UK’ if they
(or something deriving from them) are:

brought to, or received in, or used in the UK by you or another relevant person

brought to, or received in, or used in the UK for your benefit or that of another relevant person

used to pay for a service provided in the UK to you or another relevant person 

used to pay for a service provided in the UK for your benefit or that of another relevant person

used outside of the UK for a relevant debt in the UK    .

Thank you.   

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