HMRC Admin 2
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RE: Money transfer
Hi,
Based on the tax treaty with the UK and Hong Kong, all pension income arising in Hong Kong will be taxable only in Hong Kong.
Hong Kong: tax treaties
If you are not resident in the UK at the time this is cashed out, this will still not be taxable in the UK.
You would not need to report this income to us.
Thank you. -
RE: BNO
Hi,
This will depend on the test you are using to become UK resident or non resident.
You can find guidance on COVID and residency tests here:
RDRM13400 - Residence: The SRT: Annex D: Contents
Several of these tests have a maximum of 60 days.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
Gifts of money are not subject to Income Tax, unless this generates interest in a bank account. In which case the interest would be reportable for Income Tax purposes.
Thank you. -
RE: BNO
Hi,
If you meet one of the automatic overseas tests then you do not need to consider the UK tests or ties test.
HMRC cannot determine if you meet the conditions for the additional COVID days, but if you feel you qualify then you can use this ruling.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
There are no Income Tax implications for the gifting of money unless this generates interest in a bank account.
The interest would then be subject to Income Tax.
Thank you. -
RE: BNO
Hi,
HMRC cannot determine your residence status. You will need to use the guidance you have looked at and compare this to your own personal circumstances to decide your residency status.
Pensions from Hong Kong are taxable only in Hong Kong as per the tax treaty
Hong Kong: tax treaties
There is no limit on when you bring this money to the UK.
Thank you. -
RE: Gift tax for cash gift from overseas
Hi,
There is no limit on the amount you can receive and it would not be taxable.
The only thing that would be taxable would be any income that arises from the gift.
Thank you. -
RE: BNO
Hi,
Generally as a UK tax resident you will need to pay tax on your worldwide income in the UK unless you are claiming the remittance basis.
However, you will need to check the double taxation agreement with Hong Kong, to see if this income is exempt.
2010 Hong Kong-UK DTA
Thank you.
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RE: Money transfer
Hi,
It would depend on the actual type of investment as to whether a disposal takes place.
You can find guidance on foreign currency bank accounts here:
CG78321 - Foreign currency: foreign currency bank accounts - periods from 6 April 2012
Thank you. -
RE: Transfer of Swiss Pension
Hi,
If you are a Swiss resident with a UK pension then you can get relief from the UK on this on the basis you are declaring this to the Swiss authorities.
You will need to complete the relevant double taxation form.
Digest of Double Taxation Treaties April 2018
Double Taxation: UK-Switzerland (Form Switzerland-Individual)
Thank you.