C CYK

Hi HMRC, I am writing to seek guidance regarding the tax treatment of gains derived from my Mandatory Provident Fund (MPF) contributions in Hong Kong. In Hong Kong, the MPF scheme requires both employers and employees to make mandatory contributions of 5% of the employee’s relevant income, up to a statutory cap of HKD 1,500 per month. However, my employer’s policy requires that employees contribute 5% of their income to the MPF account, regardless of the statutory cap, and my employer matches this contribution. As a result, my contributions to the MPF include both mandatory (capped at HKD 1,500 per month) and voluntary components (the amount exceeding the statutory cap). I would like to understand the tax treatment of gains from the voluntary contributions within the MPF scheme. Specifically, I need clarification on: 1. Whether gains from voluntary MPF contributions need to be reported in my UK tax return. 2. The correct procedure for reporting these gains, if required. I appreciate your assistance in this matter.

Thank you for your prompt response. Let me consolidate my inquiry again. I have held a foreign life insurance policy, a qualifying policy, specifically a Whole Life Limited Payment Policy in Hong Kong for approximately 25 years. Additionally, it is a participating policy with annual dividends. The dividends generated from this policy have been left on deposit, accruing interest. I have not withdrawn any dividends since the policy became effective. During the past years, there has been no sale or assignment of the policy for value. Under these circumstances, could you kindly advise if I am still required to report the dividends and interest stemming from this policy? Your additional guidance on this matter would be greatly appreciated.

Thank you for your response. I have recently confirmed with my insurance provider that my life insurance policy qualifies as a qualifying policy. Given this classification, could you kindly advise if I am still required to report the dividends and interest stemming from this policy? Your additional guidance on this matter would be greatly appreciated.

Thank you for the detailed explanation regarding the reporting requirements for overseas Life Insurance policies. In light of the provided information, it appears that the mentioned circumstances, such as cash or other benefits upon surrender, policy maturity due to the life insured's passing, sale or assignment of the policy for value, or the policy being a personal portfolio bond, do not align with my situation. Specifically, as a permanent life insurance policyholder, the dividends I receive annually represent my share of the insurance company's distributable surplus and the dividends left on deposit are credited with interest. Therefore, I seek clarification regarding whether I am obligated to report information regarding these dividends generated from the overseas Life Insurance policy. Your guidance and insights on this matter would be immensely valuable. Thank you.

I have held a foreign life insurance policy in Hong Kong for approximately 25 years. The dividends generated from this policy have been left on deposit, accruing interest. I have not withdrawn any dividends since the policy became effective. Additionally, the sum of the premium payments made each year exceeds the dividends generated annually. I would like to know if I should include these dividends when completing my self-assessment tax return. Your guidance on this matter would be highly valued and appreciated. Thank you.

I submitted the SA1 Form online on 27 July 2023, to request split-year treatment and obtain a UTR number. Since I have not received my UTR number yet, I attempted to check the progress of my application by visiting the "Check progress" section in my tax personal account (tax.service.gov.uk/track). However, I could not locate my submitted SA1 Form there. Should I consider reapplying for the SA1 Form online? Please provide guidance.

Thank you for HMRC's reply. Form 17 is not applicable for my situation. May I know how to submit a declaration of trust? Please advise. Thank you.

I have placed my savings in an Isle of Man bank account. If I decide to transfer these funds to a UK bank account, would it be necessary for me to make a claim under the remittance basis? I would greatly value your advice regarding this situation.

I plan to utilize split year treatment for the tax year 2022-2023. During my time in the UK, I have remained unemployed. My foreign interest income is below £5,000. Is it necessary for me to include this interest when filing a Self Assessment Tax Return? Your guidance would be appreciated.

I have placed my savings in an Isle of Man bank account. If I decide to transfer these funds to a UK bank account, would it be necessary for me to make a claim under the remittance basis? I would greatly value your advice regarding this situation.