I have further question.
My mother has had a Cash value life insurance for a long time in Hong Kong. She has terminated the insurance and will get back the cash surrender value in Hong Kong. She needs to declare this value as an overseas income?
Dear HMRC team,
Thanks you for all your answers. I have got the HMRC letters which I mentioned before, and will declare accordingly. Thank you.
My father came to UK with me by BNO visa in last year. He is retired long time ago. He received money from Hong Kong "Old Age Living Allowances" from HK government. "Old Age Living Allowance" is a kind of special monthly allowance to supplement the living expenses of Hong Kong elderly people aged 65 or above who are in need of financial support. I would like to confirm if this is needed to be declared to the HMRC as foreign income?
Hi, I am trying to help my retired parents to register the Self assessment. Although they have retired but they have some interest in overseas bank saving account from Hong Kong. I have filled in and posted the SA1 to HMRC on 20 Jul 2023 by royal mail. But I still haven't received their UTR letter from the HMRC today (11 Aug 2023). I have created the government GATEWAY account for my mother before, but since she is retired, she didn't have the NI, she got "The information you gave does not match our records" in her gateway when the system need to verify her identity (Need her NI) Please advise? I should still wait for the UTR letter? Where can I get her UTR for tax self-assessment if the online route is not ok? I need to apply for NI for them even they are retired? Thanks.
My family came to UK with me by BNO visa in last year. He is retired long time ago. He received money from Hong Kong from three sources:
1. bank interest
2. money gift from my sibling who is living in Hong Kong
3. old age allowance (similar to new state pension in UK) from HK government.
May I ask: All of the three items are needed to be declared to the HMRC? Or just bank interest is needed to be declared? Or just interest and the allowance are needed to be declared as foreign income?
Thank you for your reply. However, there is no file for 1993 FX.
Thanks for your reply.
I would like to know where I can find the FX rate for 1993. Using average rate? daily rate?
Hi, Thanks you for all the above replies. Further questions.
1.Since the foreign interest is in foreign currency, i need to change that to GBP. The declared amount (GBP) is as follows: total interest multiply the yearly average exchange rate. Am I right?
2. I know that the gain from selling of overseas property is also needed to declare and regard as capital gain. There is also an foreign exchange question I would like to clarify.
Suppose I bought a overseas property in 1993 before immigrated to UK. Now I am living in UK and will sell the overseas property. I suppose that the cost of the property in 1993 is HKD100,000. Now I sell it at HKD400,000. If I want to declare this for taxation, there are two ways to calculate the profit in GBP.
Calculation 1: change the 1993 HKD100,000 to GBP at the rate in 1993, and then change the present price HKD400,000 to GBP at present rate, then do the subtraction to calculate the GBP profit.
Calculation 2: Do the subtraction first in HKD, then the profit is HKD300,000. Then change this HKD300,000 to GBP at present exchange rate and declare this amount for taxation.
I would like to clarify which calculation method I should use for the tax declaration. Or both also ok?
Hi, continue to follow the above question. If I choose the remittance basis for taxation, and my only income in the financial year is the overseas interest income, do I need to declare the overseas interest income if this interest is not remitted to UK yet in the financial year?
Do I need to declare overseas saving interest when the total interest income is less than GPB 1000?