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.