Win CHAN

Thanks, just want to make sure if i dont get you wrong. That is, if I claim remittance basis, I DO NOT need to declare the foreign income if I am NOT going to remit the FY into UK. Or do I still to declare it even though I am not remitting them to UK?

Sorry i feel confused about your answers. I actually browsed through the HRMC and other websites before asking the question. But most of it said income generated offshore is regarded as Foreign Income no matter they are in GBP or other currencies. The HRMC's website also states that "Foreign income is anything from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign....." Would you please clarify again?

Thanks. Though I have searched info on various websites, but couldnt find answers to the below. Would you please help clarify? 1. Are saving interests in GBP (local currency) generated from Lloyds International with head office in Isle of Man regarded as foreign income if i claim remittance basis? 2. I understand that capital gains from sale of US stock is regarded as foreign income. However, is it subject to capital gain tax even though I haven't remitted the gains into UK? 3.I have foreign currencies in my IBLLC account. Are the gains in FX regarded as capital gains even though I am not trading, just have the foreign currencies as savings, to buy stocks and to finance my living? 4. I understand that I being a BNO visa holder can claim remittance basis for 7 years. I entered UK in Mar 2021 and only claim remittance basis this year 2023 - 2024, does it mean that I can claim remittance basis till the tax year 2028-2029 (calculated from the date I entered UK) or 2030-2031 (from the date I claim remittance basis)? Many thanks and looking forward to your reply.

I am a BNO visa holder and have been UK resident for nearly 4 years. I do not have a job and just have saving interests. I am quite confused on how to calculate the tax even though I have gone through the HRMC website. Assuming I have saving interests which are generated locally and from Isle of Man as well as capital gain from sale of US stocks. I would like to know if my understand is correct if i claim remittance basis for tax purpose. 1. Is saving interest from banks in Isle of Man and proceeds from sale of US stock and the dividends regarded as foreign income? 2. If i claim remittance basis, I understand I will loss my Personal Allowance and well as capital gain allowance. Am I still eligible for saving allowance of 5000+1000?

I have income from fixed deposit and saving accounts in various currencies. I understand that I can convert the income using the suggested rate provided by the HMRC website. But since the incomes are received in different dates/months, e.g income in USD received in April 2022, Euro in Jun 2022 and CAD in Feb 2023, can I use the monthly rates in April for the mentioned currencies even though I only received Euro and CAD after April 2022? Or I need to use the rate of the month which I received the interest? Or can I use any rates at any time for different currencies? Sorry that I am a bit confused and hope you can enlighten me on that!

hi Thank you for the prompt reply. I have a web chat this morning with a HMRC staff (Chat ID : 188698945978978772) regarding my case mentioned above. I was told that I DONT need to file a tax return and advised that "all you need to do is write in to us with a covering letter explaining the loss so we have it on record." I was a bit confused as suggestions to the same case is totally different. I am not sure if it is because the sale of shares i mentioned above was in 2021/2022. In fact, I sold some shares with loss in 2022/2023 also. Would you please check and advise? Many thanks.

Hi, I tried to use the tool to find out whether I need to file a self assessment return during 2022/2023. However, I did not know how to answer the following question correctly 5. Did you get more than GBP10,000 from dividends or savings and investments? My case is that 1. I do not have a job and just have saving interest of around GBP12000. However, I have realized loss in sale of share of in 2021/2022. Will the loss in sale of share in previous year /current year be counted as a negative investment income as above and offset against the saving interest in 2022/2023? Many thanks.