SFWong

If I open a joint bank account (with a right of survivorship) with my daughter, and I declare that the money in the account is the gift to my daughter, both of us have the right to access the account and make transactions. I have queries on taxation: 1. Interest earned in a tax year: - how the split of the interest earned (50%-50%?) in the joint account between me and my daughter for reporting interest tax? 2. Inheritance tax (assume I die after 7 years after opening the joint account): - Does my daughter automatically assumes ownership of the entire account balance? - Will the amount in the account be exempted for the inheritance tax? Thank you

Thanks for your reply. I would like to clarify if my understanding is correct by taking an example below. Take the example that I live & work abroad in HK for a financial year (i.e. I live in UK less than 183 days), so I am the tax resident of HK (but not UK). I will pay HK tax, but not UK tax. However, if I transfer the income from HK to UK, do I need to pay any UK tax? Thank you.

If I obtain the UK citizenship, then I live & work abroad for some years, do I need to pay UK tax for the income / gains outside UK during those years?

Hello, can I have the response please?

I have some stocks in US. Take an example that I received dividend 2700 pounds in the current financial year, but 15% of it was deducted for tax in US (i.e. 405 pounds are paid in US). So I received net amount of 2295 pounds. Based my current income level, I should fall in the basic rate level. Should I need to report the dividend income as I have already paid 15% tax in US?