Pongo

Hello Admin, We are coming from Hong Kong and move to uk by bno visa. My spouse transferred £5000 to me as gift money after I arrived in the UK , this fund is coming from our only property sold in Hong kong few years ago and she converted from HKD to GBP already before we moved to UK. I understand receive gift money is not subject to CGT. If convert it back to HKD to for the expenditure in Hong Kong and UK in the future Is there any tax implications? Thanks 

Name removed admin .

Dear admin, Understand and thanks for your advice. Best Regards, Pongo

Dear Admin, Hope you are well. I am a UK Tax resident and moved to the UK from 2021 by BN(O) Visa. I am employed in the UK and my employer report my income to HMRC by PAYE. There's some unexpected expense before, but unfortunately I don't have any UK credit card, therefore I paid by my overseas (Hong Kong) credit card about £4000. Because I don't have enough cash flow (I have spent a lot for my home and my family), it's hard for me to clear the whole statement within a short period. I have my regular monthly expense by direct debit. I checked the online banking from my overseas credit card. They could offer cash instalments from the credit card to ease my expense . I guess they might transfer the amount to my overseas bank account and I could use this amount to clear that overseas credit card statement (If i decide to apply). Then I need to repay the cash instalments to the overseas credit card by monthly. I will pay or transfer the instalments by my UK income. But I am not sure if there's any taxes are involved and should I need to report to HMRC for this circumstance. Therefor I am writing to ask your advice before apply. Sorry it might be a little bit complicated and thanks for your help. Best Regards, Pongo