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  • RE: Money transfer

    I earned the Hong Kong dollar from my past work in Hong Kong. In the past years, I converted Hong Kong dollars to US dollars (is money not the shares). Now, I am a tax resident in UK, and will convert the US dollars to British pounds. For the above these transactions whether the gain on the currency conversion from one bank account to another does incur income tax? And or, these transactions should be recognized as the capital gain or loss? Deeply appreciate for your reply.
  • RE: Money transfer

    Thanks for your reply. I have US dollars (money not the share) in Canada personal bank account and in Hong Kong personal bank account; may I clarify my questions that: 1.) Convert the US dollars to GBP from Canada Bank account and transfer to UK bank account, whether such currency conversion does or does not generate a tax liability? 2.) What about, sale the US dollars to buy GBP from Hong Kong bank account to UK bank account that invoke any income tax? Thanks so much.
  • RE: Money transfer

    I am from Hong Kong and will be a tax resident from July 2021 and going to move the money to UK within the coming years. My capital combination is US dollars, Canadian dollars and Japanese Yen, all derived from my past work and inheritance in Hong Kong. The question is, due to not for the investment purpose, I bought the US dollar and Canadian dollar from HK dollar in the past years. Thus, whether should I have to declare the capital gain or loss if I convert the currency such as, USD into GBP on the transfer for money from off-shore bank in Canada or local bank in UK? Under the above circumstance, whether the currency conversion does or does not generate a tax liability or tax relief? Thanks for your reply.
  • Money transfer

    I will apply the BN(O) visa and move to UK soon. For the clean capital purposes, whether should I have to declare and/or provide all the bank statements when I apply the BN(O) visa? And or, should I have to declare and require for the confirmation by stamp from UK immigration department onto my all bank statements in order to prove that these money are not from income when I entered in UK? Thank you very so much for your reply in advance.