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Posted Thu, 22 Sep 2022 00:18:54 GMT by KenHKC
Hi, I got a foreign income from Hong Kong (with currency HKD) in March 2022 and this income has not been remitted into the UK (with currency GBP) as of now. As I am going to finish the self assessment 2021/2022 including this foreign income, should I use HMRC's monthly exchange rate (i.e. March 2022) to calculate the income to be exchanged from HKD to GBP whatever this foreign income was not remitted into the UK (with currency GBP) during the tax year 2021/2022? Thank you.
Posted Fri, 23 Sep 2022 10:19:11 GMT by HMRC Admin 19

Yes, you will use the monthly exchange rate for March 2022.

If you are UK tax resident then you will still declare the income in the UK, unless it is a Hong Kong pension. You can see further guidance here:

Tax on foreign income

Thank you.

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