CO Shiu

Dear Sirs, I would like to seek your advice regarding the inheritance tax allowance for the son under the following scenarios: Situation: There is a family for a coupon and the son. The house is owned by husband ONLY (i.e. no registered name for the wife). The couple has already set up wills that if either party passes away, 100% of his/her estate will be transferred to another party. If both pass away, then the estate will be transferred to the son. Scenario 1: If the husband passes away first, 100% of his estate including the house will be transferred to his wife and no inheritance tax will be applied. However, if the wife passes away later, then 100% of her estate will be transferred to her son. The question is how much inheritance allowance for the son in this scenario? Scenario 2: If the wife passes away first, 100% of her estate (the house is NOT under her name) will be transferred to husband and no inheritance tax will be applied. However, if the husband passes away later, then 100% of his estate will be transferred to his son. The question is how much inheritance allowance for the son in this scenario? Thanks.

Hi, I’ve received several logs of share options (i.e. real stock at zero cost) when I worked in a list company in Hong Kong years ago. I have already resigned in 2022 then moved to UK in 2023. I sold the share option (real stock) in securities company through Hong Kong Stock Market in Jun 2023. Should I treat the profit as capital gain (i.e. fill in SA108 form) when I file the self assessment? Thanks.

Dear Sirs, I’m now consolidating data for self assessment reporting. One point regarding stock dividend I would like to clarify of my understanding beforehand. In the tax year 2023-2024, I’ve got dividend for the following types of stock: (1) nos. of shares for Hong Kong stock that I purchased through Hong Kong Stock Market but the Company registration is in China so 10% of withholding tax has already imposed (i.e. Already deducted 10% for China tax before dividend distribution as marked in the statement) (2) nos. of shares for US stock that I purchased through Hong Kong Stock Market but the Company registration is in United State so 30% of withholding tax has already imposed (i.e. Already deducted 30% for US tax as marked in the statement) Per the information I’ve got from HMRC website, there is a “Double Taxation Agreement” in-between Hong Kong and UK so does it mean that I can claim the tax relief for the exactly withholding tax amount which has been deducted and reflected in my statements? If yes, would you please advise how can I input in self-assessment form? Thanks.

Dear Sirs, Thanks for the link to get related information. In order to ensure the dividend figures I report in self assessment form is correct, I would like to double clarify of my understanding beforehand. The situation is that for the dividends from shares for China Unicom (stock no. 762), China Mobile (stock no. 941) and IBKR (Stock no. US45841N1072) that I’ve received via Hong Kong’s securities company, 10% withholding tax for China Unicom and China Mobile, also 30% withholding tax for for IBKR have already applied respectively as stated in the statements. Does it mean that based on the “Double Taxation Agreement” is in force in-between Hong Kong and UK, I can claim the tax relief for the exact withholding tax amount which has been deducted? If yes, does it mean I can input the total withholding tax amount in box D.3 of SA106 form? Or what other information I need to provide? Thanks.

Dear Sirs, In the tax year of 2023-2024, I’ve got dividend for the following types of shares: (1) nos. of shares for China Unicom (stock no. 762) and China Mobile (stock no. 941) that I purchased through Hong Kong Stock Market in which the net ordinary dividend I’ve got and presented in the statement is “after tax” (i.e. Already deducted 10% for China tax as marked). (2) nos. of shares for IBKR (Stock no. US45841N1072) that contributed by IBKR upon account opening in which the net ordinary dividend I’ve got and presented in the statement is “after tax” (i.e. already deducted 30% for US Tax as marked). As the dividends I’ve got are after tax (i.e. Already deducted from the original countries) so would you please advise whether I still need to report the dividend gain in self assessment form? Or I can skip those related dividend gain for the reporting as those have been deducted from original countries? Thanks. Joseph

Hi, Thanks for the reply. One follow up question I would like to seek your advice regarding the capital loss reporting for my stock purchased in Mar 2017. My situation is that: (1) I’ve already lost the stock purchased record in Mar 2017. I’ve tried my best to contact the Securities Company to collect the purchase record but got the reply that she can only retrieve record within 7 years (my request is for 8 years ago). I’ve kept e-mail from the Securities Company for her reply as supporting. (2) I’ve only kept my manual record with exact shares and amount that I’ve invested in Mar 2017, and also the closing price that I captured from Hong Kong Exchanged and Clearing Limited (HKEX) website. (3) I’ve kept the monthly statement starting from Feb 2018 indicated the exact no. of shares I’ve purchased the stock before and also closing price at that month. For my specific case, can I use the record in Mar 2017 to report as my purchase record, or use the closing stock price marked in my monthly statement in Feb 2018, or what other alternative? Of course, I’ve kept the selling record that I executed in Jun 2023. Thanks.

Hello, I’m immigrated from Hong Kong to UK in mid-Jun 2023 and I’m now consolidating documents for self assessment. I’ve landed to UK on 13 Jun 2023 and lived in a rented property right away. I noted that I’ve lived in UK for over 183 days so I should be tax resident in the tax year 2023/2024. I’ll apply for the split year treatment in my self assessment handling. Just would like to check which exact date that I should be classified as tax resident to report my taxable income (i.e. interest, dividend, capital gain/loss) both from Hong Kong and UK? Should it be the same date or with more buffer period for Hong Kong’s income? Thanks.

Hi, I’m immigrated from Hong Kong to UK in mid-Jun 2023 and I’m now consolidating documents for self assessment. I’ve sold stock with capital loss via Securities Company in Hong Kong Stock Market on 19 Jun 2023 (after my moving to UK). I aware that I can claim for the capital loss to offset other capital that I’ve gained. Unfortunately that I haven’t kept the official statement for my stock purchase in Mar 2017 but only kept my manual record with exact amount that I’ve invested. However, I’ve kept the monthly statements starting from Feb 2018 with the exact no. of shares and the current price. I tried to contact the Securities Company to collect the purchase record but got the reply that she can only retrieve record within 7 years (my request is for 8 years ago). Can I use the Securities Company’s reply also my statement in Feb 2018 as supporting for my stock purchase record? Of course I’ve kept the statement when I sold the stock on 19 Jun 2023. Thanks.