HMRC Admin 19 Response

Hi,

Financial planning is looking at ways to reduce your tax liability which HMRC does not get involved in.

HMRC may tax a UK resident's world wide income.

As mentioned previously if you take your Australian pension then under article 17 of the double taxation agreement the UK can tax this. If the pension you take is classed as a Trivial Commutation Lump Sum then Australia have the right to tax it and it will not be taxed in the UK.

Thank you.

Hi,

HMRC does not give advice on planning for the future as the tax rules can change at any time.

Under the current Australia /UK double taxation agreement, article 17, Pensions paid to a resident of the UK from Australia shall be taxable only in the UK. 

UK/ AUSTRALIA DOUBLE TAXATION CONVENTION

Thank you.

Hi,

Please see the following guidance on Tax on Foreign income:

Tax on foreign income

Thank you.
 

Hi,

Please see the following guidance which states that pension from Hong Kong remains taxable in Hong Kong:

UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL

Thank you.

Hi,

To determine your tax residency status, please see the guidance here:

RDR3 Statutory Residence Test

Thank you.

Hi,

If we received a form assigning the refund to the company we are unable to cancel the repayment to them unless we receive a signed agreement from both you and the company.

Thank you.

Hi Anit Saxena,

There would be no Income Tax due on a transfer of money from an Indian account to a UK account. However, if the money then generates interest in the UK account then this would potentially be subject to tax. 

Thank you.

Hi,

You will only be taxed on income.

Housing allowance is not something that is taxable in the UK so would not be taxable if it is from Hong Kong. 

Thank you.

Hi Arijit Banerjee,

There is no Income Tax implications on the transfer or money from one bank account to another. However, if you become a UK tax resident and you continue to receive money from this pension fund then this would be reportable and subject to tax in the UK. 

Thank you.

Hi Kuni,

Currency conversion from one bank account to another does not incur Income tax. Neither does converting US dollars to British pounds. 

Thank you.