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Posted Thu, 28 Jul 2022 00:53:11 GMT by Man
Hi, I am from Hong Kong, newly moved into the UK. I have an amount of Hong Kong Dollar, which is in the bank account in Hong Kong. In the passing months, I converted them into GBP for many times. As the exchange rate fluctuate from time to time, I might got different amount of money among every conversions. Is it any tax involved? Am I need to declare it in the self-assessment?
Posted Fri, 29 Jul 2022 11:27:42 GMT by HMRC Admin 25
Hi Man, 
Please refer to guidance at:
Tax on foreign income
For the exchange rate you can use:
Exchange rates from HMRC in CSV and XML format
Thank you




 
Posted Fri, 29 Jul 2022 12:31:04 GMT by Lost InGlobe
Hi, Should "living cost allowance" in the salary be also included in the foreign income? Cheers
Posted Fri, 29 Jul 2022 13:38:12 GMT by Man
Hi, Thanks for the reply. However, those money are my savings, that is not income made between 6 April 2021 and 5 April 2022. Is the 'Tax on foreign income' guidance still relevant to this question? https://www.gov.uk/tax-foreign-income Thx.
Posted Mon, 01 Aug 2022 10:13:01 GMT by HMRC Admin 17

Hi

Man,
 
The capital itself does not need to be declared just the interest it generates  .

Thank you.
Posted Mon, 01 Aug 2022 10:26:00 GMT by HMRC Admin 17

Hi,
 
Lost InGlobe, 
 
If this has been included within your pay, yes   .

Thank you.

 
Posted Fri, 05 Aug 2022 22:37:44 GMT by Man
Hi, In other words, when I convert my savings in Hong Kong Dollar into GBP, despite of the exchange rate going up and down, there will be no taxes involved, am I correct? On the other hand, there is also no taxes involved while I moving my money from banks in Hong Kong to banks in the U.K. or to banks in the Isle of Man, am I correct? For my case, I can ignore all the 'Tax on foreign income' and 'Exchange rates from HMRC in CSV and XML format' as follows: https://www.gov.uk/tax-foreign-income https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat Is that correct?
Posted Mon, 08 Aug 2022 12:20:32 GMT by HMRC Admin 25
Hi Man, 

There is no tax charged for converting foreign currency to GBP.  

Tax may be charged on monies transferred to the UK, depending on whether the monies are treated as income or gains.

Thank you. 



 

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