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HMRC Admin 17 Response

HMRC Admin 17 Response

Joined: 1/20/2021

  • RE: UK Tax on Australian Superannuation

    Mon, 14 Jun 2021 10:09:24 GMT – UK Tax on Australian Superannuation

    Hi,
     
    If you are deemed domiciled in the UK you will need to report your worldwide income to the UK. 

    See link below:

    Tax on foreign income .

    Thank you.

  • RE: Money transfer

    Wed, 02 Jun 2021 11:15:59 GMT – Money transfer

    Hi
     

    Rafa123 Rafat,
     
    There is no limit, however you may wish to check with your bank regarding any fees that may be incurred.

    Thank you.

  • RE: Money transfer

    Mon, 24 May 2021 11:31:10 GMT – Money transfer

    Hi
     
    Lisa Sorenti,
     
    You do not need to pay any tax on this unless the account you have put this in generates interest.

    In this case, the interest may be subject to tax dependant on the amount. 

    Thank you.

     

  • RE: Money transfer

    Mon, 24 May 2021 11:02:36 GMT – Money transfer

    Hi
     
    Antonio Corbacho Martin,
     
    There are no personal tax implications on the transfer or money from a Spanish bank account to a UK bank account.

    However if this money generates interest then this would be subject to income tax, dependant on the amount. 

    Thank you.

     

  • RE: Money transfer

    Tue, 11 May 2021 10:54:08 GMT – Money transfer

    Hi,
     
    No there will be no income tax due on this money. 

    Thank you.
     

  • RE: Money transfer

    Wed, 05 May 2021 10:53:47 GMT – Money transfer

    Hi,
     
    A money transfer is not classed as taxable income.

    Capital Gains tax arises on the sale of an asset which has increased in value. 

    Thank you.

  • RE: BNO

    Mon, 26 Apr 2021 11:49:15 GMT – BNO
    Hi,
    kongjai,
     
    Please see the tax treaty with Hong Kong here:

    UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL

    This would also include an annuity. 

    Thank you.

  • RE: UK Tax on Australian Superannuation

    Thu, 22 Apr 2021 07:58:58 GMT – UK Tax on Australian Superannuation

    Hi,
     
    Regular pension payments from an Australian fund would be subject to UK income tax only. 

    Lump sum payments would be subject to UK tax but also possibly Australian tax.

    In this case the UK will give Foreign Tax Credit Relief for tax already paid so tax is not paid twice on the same income.

    Guidance on pension contributions can be found here:

    Pensions Tax Manual .

    Thank you.

  • RE: Money transfer

    Tue, 13 Apr 2021 09:57:28 GMT – Money transfer

    Hi
     
    Elisa Roldán Ciudad,
     
    There are no Income Tax implications as this is not earned income.

    You may want to check with UK bank to see if there are any financial implications there for the amount of money being transfered to UK.

    Thank you.

  • RE: Money transfer

    Mon, 12 Apr 2021 13:32:21 GMT – Money transfer

    Hi
     
    Samer Nassif,
     
    For income tax purposes there is no limit to how much you can transfer.

    The taxation will depend on when the money was earned.

    Any income that was earned while you were not resident is not taxable int he uk, but for example if you earn income or capital gains now that you are UK resident, that may need to be declared here.

    Please see this guidance:

    Guidance note for residence, domicile and the remittance basis: RDR1.

    Thank you.