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Hi, based on the document, I am still not sure about the answer to the above 4 questions. Can you help address them please?
Hi, We have recently arrived in the Uk using the BNO visa. We were not tax residents in the past tax years. Based on the residency test, to the best of my knowledge, we believed we are not tax residents yet. I have some questions
Q1. At the time of writing as a non tax resident, if we have some offshore bank accounts with HKD accumulated from previous work and savings in HK, and if we convert HKD to GBP and transfer it to a UK bank account, would that create any tax liability?
Q2. Similar to Q1. If we do the same currency conversion and money transfer AFTER we become tax residents, would that imply any tax liability? For example, if there is any tax liable and we believe we will become tax residents on 1 Jan 2023 and we only do the currency conversion and transfer on 1 Feb 2023, how would the capital gain tax be calculated? That is, from when does it define the base value of the asset?
Q3. If the offshore bank account already has some GBP before becoming tax residents and if I want to transfer the GBP to a uk bank account, does it matter if I am or am not a tax resident in terms of tax implications?
Q4, if I have an offshore bank account with previous income and gains from HK, and I become a tax resident on 1/1/2023, does that mean only the interest income incurred after 1/1/2023 would be subject to income tax if I transfer the money to a UK bank account?