BPS WONG

Hi, I have a gain of about GBP 5000 upon termination of an insurance policy in Hong Kong in 2023-24. I chose to deal with foreign income on accrual basis and have not remitted any foreign income in 2023-24. If I adopt arising basis in 2024-25 and remit during that year the nominated sum of GBP 5000 earned in 2023-24, will the starting rate for savings and personal savings allowance applicable in calculating the tax payment for the sum of GBP 5000 in the tax year for 2024-25? Grateful for your advice. BPS

Thank you HMRC Administrator for your earlier reply. I moved to the UK last year and became a tax resident in 23-24, I earned GBP 3000 from savings in a bank account in Singapore and the total sum remains in this overseas bank account. If I deal with this earning on a remittance basis for 23-24 and then remit money from this overseas account within 24-25, can I enjoy personal tax allowance in 24-25 to offset the remitted sum if I switch to arising basis in 24-25?. Most grateful for your advice.

Hi HMRC Administrator, If I am going to deal with my foreign earnings on remittance basis for 23-24 tax year but I have in fact not remitted any money from foreign earnings during that tax year, do I need to report my foreign earnings in SA 106? Please kindly advise.

Hi HMRC Administrator, Grateful to know whether there will be any public announcement when there is a change in any provisions in the DTA between the UK and the Hong Kong SAR.

Hi HMRC Administrator, If my mother gave me gift money by transferring money in another currency from her bank account to my bank account in another jurisdiction, do I need to declare/report in the self assessment form in my tax return? Most grateful for your advice. 

Name removed admin . 

Hi HMRC Administrator, I found that the system wrongly denied my correct password for access to my account. I used the password just a day ago but the system rejected it when I tried to access my account today. A friend of mine experienced the same problem a few days ago. When she tried to reset the password using the "wrong" password again, the system said that it was the "correct" old password which should be changed. It seems that there is technical glitch with the system. Grateful if the relevant team could check for any necessary fix. Thank you.

Hi HMRC Administrator, I newly became a UK resident during the 2022-2023 tax year and I only have income from interests earned in my bank accounts in the overseas. To reply to the question "When did you start getting this income?", I am not sure whether I should write 6 April 2022 (i.e. the start of the tax year), or the exact date when I landed in the UK if I am going to seek split year treatment. Grateful for your advice.