HMRC Admin 19 Response

Hi PiPi,

There are no tax implications regarding the transfer of funds from an overseas bank account to a UK bank account. You would however have to declare any interest arising.

Thank you.

Hi,

Under the circumstances you have outlined you would not have to declare the income your earned in Hong Kong before you arrived in the UK on 7 June 2021.

If you wish to claim the remittance basis, please complete as appropriate a 2022 Self Assessment tax return. Full details of how to do so are provided in the HS264 helpsheet.                      

Remittance basis 2021 (HS264) 

Thank you.                     

Hi,

You do not need to declare money gifted to you from a family member. However, there may eventually be inheritance tax implications depending on the circumstances. 

Thank you.

Hi,

If you are required to complete a paper tax return form then you must send the SA100 with the SA109 and any other supplementary pages. If you can submit your form online by using 3rd party software then there is no need to send by post. 

Thank you.

Hi,

Please note that all UK residents are required to complete a Self Assessment tax return if they receive foreign income, so please complete a 2022 return and include in the foreign pages details of your HK pension (Article 17 of the UK/Hong Kong Double Taxation treaty notwithstanding).

Please note that you would not however have to include details of the salary you received while you were still resident in HK.

Details of how to register for Self Assessment are provided below.                                                                    

Register for Self Assessment

Thank you.

Hi,

If you have savings income from another country you are required to declare this as foreign income on a Self Assessment tax return form.  

If you have already been taxed on the savings income abroad, you can claim Foreign Tax Credit Relief to avoid double taxation.

If you transfer this money to your wife she is not liable for tax (as you have already declared this) on the income unless it attracts her own interest on the funds.  

Thank you.

Hi Oguzhan Aydore,

If this is just a transfer of savings and the income itself has not been left in Turkey as the remittance basis has been claimed on it then there will be no Income Tax implications here unless the money generates some interest in the bank account at which point, the interest will be subject to IncomeTax. 

Thank you.

Hi Sha Sha,

There are no Income Tax implications on the gifting of money or basic transfer of money unless the money generates income in a bank account. The interest would then need to be reported for income tax purposes.

If however, you are already UK resident and have claimed the remittance basis on this money then it would need to be declared once brought into the UK. 

Thank you.

Hi steve888richards,

There are no Income Tax implications on the transfer of money to the UK if this is capital from savings.

If the money generates any interest, however, and you are a UK resident, then this would need to be reported for Income Tax purposes.

You may wish to speak to your UK bank if you have one about the transfer. 

Thank you.

Hi,

If you qualify for split year then you only need to declare income for the UK part of the year.

You can see the following guidance on the completion of the SA109 with regards to this:

Residence, remittance basis etc (Self Assessment SA109)

Boxes 18-22 would only apply if you are claiming tax relief in the UK under a double taxation agreement. 

Thank you.