Ugo A

Hi, Many thanks for your reply. I would be most grateful if you could kindly clarify whether the following understanding re. your reply to no. 1 is correct: 1. There is NO need to report such special type of 'interests' in the Self-assessment in the year when the 'interest' entries appear in my mortgage-linked account (as the entire 'interest' amount each month is actually taken back by the bank immediately against the outstanding mortgage loan). Thank you.

Hi, I have become UK tax resident and will report and pay tax on the arising basis, so I would like to seek clarifications on the following two issues: 1. I still have a mortgage for my family's home in Hong Kong. For the mortgage, I have a mortgage-linked saving account, to which the bank gives monthly 'interest'. However, such 'interest' could not be used or taken out by me because the bank immediately takes the entire 'interest' amount back each month against the outstanding mortgage. Should I still report such 'interests' in the Self-assessment in the year when the 'interest' entries appear in my account (although actually taken back by the bank immediately)? Or, should such 'interests' be reported in the future if and when the property is sold? 2. If I work for a company in Hong Kong on an ad hoc project and receive a small payment, such salary is taxable in Hong Kong but since the sum is below the personal allowances threshold of Hong Kong, there is no need to report it for tax payment in Hong Kong. Does double taxation relief still apply in such a scenario? Or, such salary should be reported as foreign income in the Self-assessment for UK tax? Thanks.

Hello, I am a non-domiciled tax resident this year. I note that if the remittance basis is claimed, personal allowances of GBP12,570 will be lost as a result. If I only have savings interests and dividends (some from UK bank accounts and some from foreign bank accounts) in 2023-24 (i.e. no wages from employment in UK), will the Higher Rate tax band of 40% apply when my total savings interests and dividends this year are over GBP50,270, or over GBP37,700? Thank you.