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Posted Mon, 15 Apr 2024 18:42:38 GMT by Ho Ting Ko
I received the income on Mar and Apr 2024. I just exchange around £1100 in Hong Kong dollars and transfer to my Hong Kong bank. As I had my Hong Kong saving in this bank account and now my UK income combined with HK Saving so I would like to know how to calculate the tax. will the tax exclude my Hong Kong saving, only calculate my UK income tax? Second, I would like to know more detail about do my Hong Kong saving need to pay tax as I had transfer to my UK account for daily using. My Hong Kong saving already in Hong Kong Bank before I move in UK so I have a bit confuse on it. Thank you.
Posted Tue, 23 Apr 2024 10:34:32 GMT by HMRC Admin 8
Hi,
If you have already paid tax on the UK income used to convert to HKD and transferred to the Hong Kong bank account, then no further tax is due on this income.  
The savings in your Hong Kong account arising before you moved the UK, will not be taxable in the UK.
Thank you.

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