I retired from the Hong Kong Government and I have to pay tax for the monthly pension to the Hong Kong Government. In accordance with the provision of the Double Taxation Agreement and Protocol - Article 17 (UK/Hong Kong), I will not be required to pay tax in the UK.
The only income that I receive and may require tax payment in the UK is my savings interest.
I would therefore like to know my allowances for earning interest before I have to pay tax on it. These are:
1. My Personal Allowance
2. Starting rate for savings
3. Personal Savings Allowance
What is my allowance of the savings interest that is tax-free in each tax year?
Shall I need to complete any tax reporting form to HMRC? What is the timeline on submission of these forms?
I look forward to your earliest reply. Thanks a lot.