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HMRC Admin 17 Response

HMRC Admin 17 Response

Joined: 1/20/2021

  • RE: Money transfer

    Wed, 05 May 2021 10:53:47 GMT – Money transfer

    Hi,
     
    A money transfer is not classed as taxable income.

    Capital Gains tax arises on the sale of an asset which has increased in value. 

    Thank you.

  • RE: BNO

    Mon, 26 Apr 2021 11:49:15 GMT – BNO
    Hi,
    kongjai,
     
    Please see the tax treaty with Hong Kong here:

    UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL

    This would also include an annuity. 

    Thank you.

  • RE: UK Tax on Australian Superannuation

    Thu, 22 Apr 2021 07:58:58 GMT – UK Tax on Australian Superannuation

    Hi,
     
    Regular pension payments from an Australian fund would be subject to UK income tax only. 

    Lump sum payments would be subject to UK tax but also possibly Australian tax.

    In this case the UK will give Foreign Tax Credit Relief for tax already paid so tax is not paid twice on the same income.

    Guidance on pension contributions can be found here:

    Pensions Tax Manual .

    Thank you.

  • RE: Money transfer

    Tue, 13 Apr 2021 09:57:28 GMT – Money transfer

    Hi
     
    Elisa Roldán Ciudad,
     
    There are no Income Tax implications as this is not earned income.

    You may want to check with UK bank to see if there are any financial implications there for the amount of money being transfered to UK.

    Thank you.

  • RE: Money transfer

    Mon, 12 Apr 2021 13:32:21 GMT – Money transfer

    Hi
     
    Samer Nassif,
     
    For income tax purposes there is no limit to how much you can transfer.

    The taxation will depend on when the money was earned.

    Any income that was earned while you were not resident is not taxable int he uk, but for example if you earn income or capital gains now that you are UK resident, that may need to be declared here.

    Please see this guidance:

    Guidance note for residence, domicile and the remittance basis: RDR1.

    Thank you.

  • Re: Money transfer

    Tue, 30 Mar 2021 08:55:16 GMT – Money transfer


    Hi 

    KS 144,

     
    You would not need to provide any evidence for this money being capital.

    For the year of entry to the UK you will need to determine your residency status.

    If you are deemed UK tax residence then you would need to declare all your worldwide income for the year.

    However if you are UK resident, then you may qualify for split year which would mean you only declare income from the date you enter the UK.

    Further guidance on both of these can be found here :

    RDR3 Statutory Residence Test .

    Thank you.

  • Re: Money transfer

    Wed, 24 Mar 2021 10:54:40 GMT – Money transfer

    Hi

    Kuni, 
     
    We do not deal with visa's and immigration on this forum. 

    You will need to contact the Home Office for information regarding this.

    If you become UK tax resident then any overseas bank interest may be subject to UK income tax, regardless of visa type. 

    Thank you.

  • Re: Money Transfer

    Mon, 15 Mar 2021 13:39:32 GMT – Money transfer

    Hi, 
     
    Yes,  you will not be charged  income tax on transferring your capital to  another account .

    Thank You.