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Posted Mon, 17 Jan 2022 16:31:34 GMT by Keung C
Hi, I have question about declare income. Because my parents transfer money as a gift and I also received the refund from the company in Hong Kong send to my foreign bank account, should I need to declare as foreign income? And I have the Mandatory Provident Fund in Hong Kong but I can’t take any money from this account, therefore the money remains in Hong Kong. Do I need to declare in self-assessment return in terms of foreign income (Pension part)? Thanks for advise.
Posted Tue, 18 Jan 2022 10:34:14 GMT by HMRC Admin 17

Monetary gifts are not taxable for income tax purposes.

This would not need to be reported to the UK for income tax purposes unless interest accrued on the account.

Pension income from Hong Kong remains taxable in Hong Kong so again will not need to be reported.

See link:

Hong Kong: tax treaties      .

Thank you.

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