Foreign Income

Hi, I newly became a UK resident during the 2022/2023 financial year. I should be grateful for advice on the following questions: (1) I have already retired from the Hong Kong civil service in 2021 and I am receiving monthly pension payment from the Hong Kong government, Is it true that with the avoidance of double taxation agreement between Hong Kong and the UK, my pension payment in Hong Kong is not subject to UK tax? (2) I have also continued to keep some savings in my bank accounts in Hong Kong and overseas account in Singapore. They are income earned from my previous employment over the years without any new money except for the interest earned. I know that the interest earned in all accounts for my period in UK during the tax year is subject to UK tax. But do I need to pay additional income tax if I transfer money from my Hong Kong and Singapore accounts to my bank account in the UK? Thank you.

Hi Muk LO,

Your Hong Kong government pension is only taxable in Hong Kong and should not be reported on a Self Assessment Tax return.  

Your savings themselves are not taxable in the UK and not subject to tax if you transfer the assets to the UK.

However, any interest they generate is taxable in the UK and should be declared on a Self Assessment Tax return.

Thank you. 

Thank you HMRC. Your information is clear.