RE: Overseas Dividend Reporting

Hi HMRC, I have some stocks in Hong Kong that generate some dividends. I am a tax resident in the year 2023-2024 paying basic rate. I have a few questions: (1) Is there any allowance for dividend? If yes, how much for the 2023-2024? (2) If there is an allowance, do I need to report the dividends if it is LESS than the allowance (I have other foreign income like bank interest to report)? (3) If I need to report, I should be reporting in SA100. Should I also need to file a SA106, please? (4) Finally, what is the exchange rate as the dividends were in HKD. Thanks a lot for your kind assistance. Best Regards, Ed

Hi Ed Leung,
Overseas dividends should be declared in a Self Assessment tax return, regardless of how much they are.
You can enter the dividends in boxes 5 and 6 of SA100, provided the guidance those boxes can be applied.
If not, they must be declated in SA106.
Self assessment will apply the tax free allowance in the calculation.
Have a look at the notes on page TRG6 for boxes 5 and 6.
Tax Return notes Tax year 6 April 2023 to 5 April 2024 (2023
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.
For your convenience, there are exchange rates here:
Exchange rates from HMRC in CSV and XML format
For older rates here:
Exchange rates.
You are free to use any of the supplied rates or one of your own choosing.
Thank you. 

Hi HMRC, Thanks for your reply. Yet, for the exchange rate, the link above was last updated on 31/3/2023. May I have the rates for this 2023-2024 tax year, please? Thanks. Best Regards, Ed

Hi Ed Leung,
Please see here:
Check foreign currency exchange rates
Thank you. 

Hi HMRC, Thanks a lot. One final question (hopefully), if I use spot rate, there are two rates (Mar2024/Dec2023) available covering the tax year 2023-2024. May I know is there any rule to determine which I should use? Thanks. Best Regards, Ed

Hi,
No, you can use either as long as it is the same tax year.
Thank you.