HMRC Admin 32 Response

Hi,

It will be declared as Capital Gains. As you will also need to show this on the Capital Gains page, this will then be covered by the annual allowance so no extra charge will be applied.

Thank you.

Hi,

The interest needs to be declared in the tax year it is earned even if automatically put back into the account.

Thank you.

Hi,

If you qualify for split year then you only report any foreign income for the UK part of the year.

RDRM12000 - Residence: The SRT: Split year treatment

If you do not qualify then you will need to report all your foreign income to the UK.

Tax on foreign income

The guidance at RDRM12150 at GOV.UK will help you work out if split year treatment applies. 

Thank you.

Hi,

Apologies if you are having issues getting through to us to review the code. Unfortunately we can't view your tax code on this forum and you will need to contact our Income Tax team again.

Income Tax: general enquiries

Thank you.

Hi,

You will need need to review the guidance at RDR1 and apply the tests at RDR3, to determine your residence status. If you are deemed resident for the full tax year, then you will need to convert your Hong Kong earnings and tax deducted into pounds sterling and declare on a Self Assessment tax return. If split year treatment applies, you would only declare your UK income from your date of arrival.  

Residence, domicile and the remittance basis: RDR1

Thank you.

Hi,

You can choose to use the remittance basis or the arising basis. You would need to work out which is more beneficial to use.

Thank you.

Hi,

The foreign tax credit would apply if tax was in fact due as the credit would then reduce your bill. You can claim if for a maximum of 10 years from when it is first exercised.

Thank you.

Hi,

If you wish to claim split year treatment, the tax retrun with the SA109 must be completed.

Thank you.

Hi,

There are no Income Tax implications on the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to tax.  

Further guidance can be found here:

Tax on savings interest

Tax on dividends 

Thank you.

Hi Mandy Wong,

You will need to submit an amendment to your figures to show only the UK part of the income.

Thank you.