UK Tax issues for expats from Hong Kong

International Tax Advice for US & UK Expats

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Tax when moving to the UK from Hong Kong
Read the article here: www.optimiseaccountants.co.uk...
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#Tax #HongKong #UK
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In this video you will learn from Simon Misiewicz, your property tax specialist, of Optimise Accountants
▶ What tax issues do people from Hong Kong need to know when they move to the UK?
▶ Do people from Hong Kong need to file a UK tax return to HMRC?
▶ How much tax will people from Hong Kong be expected to pay?
▶ Will tax need to be paid to HMRC in the UK for Hong Kong investment income?
▶ How does HMRC UK tax system differ to the Hong Kong tax system?
▶ Do you get a tax credit in the UK for tax already paid in Hong Kong?
▶ How do you register for UK taxes when you move from Hong Kong?
▶ Do you pay Capital Gains Tax in the Uk when you sell assets in Hong Kong?
▶ How much CGT will be paid on assets sold in the UK and Hong Kong?
▶ Will you have to pay Inheritance tax if you move from Hong Kong to the UK?
▶ What does UK residency mean and how does this affect how much tax you pay when moving to the UK from Hong Kong?
▶ How long do you have to stay in the UK before you become tax resident and pay taxes to HMRC?
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Опубликовано:

27 июл 2024

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Комментарии : 80

@tonyfkingdom 3 года назад

Always wanted information on this. Very helpful. Thank you ;)

@Simon-Misiewicz-US-UK-Taxes 3 года назад

More to come on this particular subject. Great call the other day

@bridgelinkukpropertiesandl7183 3 года назад

Thanks for your kind information and much appreciated. Very impressive!!!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are very welcome and I do hope it was useful to you.

@yaumichelle7162 3 года назад

This is very helpful video and information. Thank you so much. Simon. Appreciate it.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Many thanks for the kind words and I’m pleased that it was useful

@bopobopo2862 3 года назад

Thank you very much for the information !! Its so useful !!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

That is so very kind. Let me know what other types of videos would be useful and I would be only too pleased to create them

@leunglondon7937 3 года назад

Thank you Simon for your information.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are welcome

@vanessakim1262 3 года назад

Thanks for this information

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are very welcome Vanessa

@wtf.O_O 3 года назад

super informative n smart sharing。 thanks 👍👍

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are welcome 🙏

@JackKing12. 3 года назад

Shit loads of uk tax

@askier1553 3 года назад

Thank you so much for the excellent video. 1. Do you have the service of Exclude property trust with a bond wrapper and 2. what is the typical running costs (in the percentage of AUM (asset under management) is normal for a simple exclude property trust?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Sadly this is not the type of service we currently offer, so sorry

@lwy5222 3 года назад

Thanks god I finally could find this helpful information! Much more professional than HK RU-vid KOL👍🏻 The timing of selling the properties in Hong Kong really confusing me for a long time. Does it mean that it’s better to sell HK property within 183 days arrivals to UK? Could you share more about the calculation of gain difference of CGT tax if the HK flat is remortgaged or changed ownership between couples? Thank you!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Do sell before you come UK resident to avoid CGT.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Please see link ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-2A4T8o6mqxo.html

@lwy5222 3 года назад

Reduce UK Tax on business and investments Thank you so much！👍🏻

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You are welcome and I hope it all helps

@Godzilla11122 3 года назад

Appreciated to see your video . May I ask , my case is , we arrived on 7/5/21, becoming tax resident on 6/11/21! We sold the hk property on 28/04/21, and if we transferred those monies and our savings from HK bank account to UK bank account before 6/11/21! Those monies will be taxed or not ?! ( or will government tax anyway as the tax year is from 6/4/21-05/4/2022?) this s confused me 🤔. Thanks in advance for your reply 🙏

@Simon-Misiewicz-US-UK-Taxes 3 года назад

This is a great question. However, I would not like to give specific tax advice like this on the RU-vid forum which could end up being wrong and cost you thousands of pounds in tax in assumption. Please visit our website www.optimiseaccountants.co.uk and back attacks consultation with us using the coupon code RU-vid25 and get a 25% discount discount

@laicherith663 3 года назад

I have some life plus savings insurance policies here in HK. Will I be taxed if I cash in all these policies and terminate them after I become a UK tax resident? Or only my income from investment-related insurance policies (such as those invest in global funds)will be taxed?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Great question. Sadly I am bot able that specific question on this forum

@susanchang3469 2 года назад

Thanks for the video. If I am a UK tax resident and I have investment funds in Hong Kong and I sold it with profit, should I pay income tax or capital gain tax?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Most likely you would pay HK & UK tax. That said it very much depends on the type of asset and your tax residence status

@kenq15 2 года назад

Hello Simon Many thanks for sharing the informative video. (1) Re income tax/ capital gains tax for sale of HK property, I think it's common in HK for us to hold the property on behalf of our parents for the purpose of saving stamp duty, if we are considering moving to the UK, should we be concerned about these properties who we hold legal title only (with no beneficial interest)? Most specifically will they be captured by the UK tax regime? (2) following up on Laichi Wan's question re IHT, am I right to say that inheritance from HK parents who are not domiciled in the UK will not fall within the UK tax regime? I reckon IHT only is only concerned with the passing of the property from a deceased who is himself/herself domiciled in the UK?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

It is good to be concerned and get answers. There is no UK IHT on HK assets if you are not domiciled (15 years). Parents that remain in HK will not be affected.

@kenq15 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Thanks so much for the prompt reply - so just on the CGT, if I personally did not pay for the property at all, and I only hold the legal title for the property, and will not have a dip in the proceeds in any future sales, will my case be captured by the CGT regime? Thanks so much!

@Simon-Misiewicz-US-UK-Taxes 2 года назад

UK tax is largely based on the beneficiary interest rather than legal title. I would therefore check very carefully your documents to make sure that you have no right to the property benefits.

@alexcheng4539 2 года назад

Thank you this great video. Agree L WY' s points that your informations are much more professional and well presented. May I ask a qusetion, when I came to UK, I remitted part of my capital after my arrival. The rest are kept in an account in HK. If I remit those money later when needed, will HMRC treat my remitted funds as capital gain?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

This very much depends on your assessment tax treatment. If you use the remittance basis and then you bring money from Hong Kong to the UK, you will need to pay income tax on that money. If you do not use the remittance basis then there is a possibility of you having to pay UK iCapital Gains tax on the property sold in Hong Kong. Many thanks for the kind feedback it is very much appreciated

@alexcheng4539 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Thanks for reply. How about if I will use arising basis and the assets that I only have are bank savings, no selling of property involved? Will those money be treated as capital gain?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Hi Alex, I would say at this point that you need to get some tax advice about your situation. The hints and tips that we provide on this channel or socially useful but should not be taken for granted but it suits every aspects of your situation

@alexcheng4539 2 года назад

Thanks for your reply and sharing. Yes, I do agree that professional advise are necessary since UK's taxation system is much more complicated.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Best of luck 🤞

@T2P181 11 месяцев назад

What happens if a returning U.K expat on terminal leave from HK emplyment is still paid a salary from Hong Kong for a couple of months while seeing their contract out?

@Simon-Misiewicz-US-UK-Taxes 11 месяцев назад

This is not an easy question to answer. There are many factors that you need to consider when moving from Hong Kong to the UK. Get some good tax advice before you move over

@timmak3532 3 года назад

Hi Dear Simon, before you posted this video have you ever made reference to the Double Taxation Agreement & Protocol signed by the U.K. Government and SAR Hong Kong Government signed in June 2010 which has since come into effect in December 2020? Please forgive me for my ignorance because it appears to me that "Worldwide Tax" for some incomes is no longer valid in accordance with the Agreement and Protocol. Could you please shed some light on my query. Thanks a million!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Treaty between Hong Kong and United Kingdom - details Details of the income and capital gains tax treaty and protocol between Hong Kong and United Kingdom, signed on 21 June 2010, have become available. The treaty was concluded in the English language and generally follows the OECD Model Convention. The maximum rates of withholding tax are: - 0% on dividends; 15% on dividends paid out of the Uinted Kingdom by real estate investment trusts; - 0% on interest, except where the anti-treaty shopping provisions in the treaty apply; and - 3% on royalties. Deviations from the OECD Model include that: - A building site, a construction, assembly or installation project or supervisory activities in connection therewith, constitute a permanent establishment only if such site, project or activities last more than six months (Art. 5(3)). - An enterprise furnishing services (including consultancy services) in other contracting party is deemed to have a PE if the services are provided for a period or periods exceeding 183 days in any 12-month period, and these services are performed directly or through employees or other personnel engaged by the enterprise for such purpose, in connection with a site, a project or supervisory activities (Art. 5(4)). Hong Kong and United Kingdom apply the credit method for the avoidance of double taxation. Dividends received from a resident of Hong Kong by a resident company in the United Kingdom are exempt only to the extent that the conditions for exemption under the law of the United Kingdom are met. The protocol specifically provides that there will be no automatic or spontaneous exchange of information. Upon entry into force of this treaty, the transport treaty between Hong Kong and the United Kingdom, which was signed on 25 October 2000, will be terminated.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

DTA effective in UK from 6 April 2011. Full relief on property income dividends that are beneficially owned by pension schemes resident in Hong Kong. Full relief for PAIF distributions (interest). Individuals and pension schemes get full relief on interest. Beneficial owners of interest that are not individuals or pension schemes must meet the conditions set out in Article 11(3) of the DTA.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Would you elaborate on the December 2020 aspect. Apologies I was not sure what was meant

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Further updates, not yet enforced is here: www.ft.com/content/16855689-c386-4883-a746-f106b734a327

@timmak3532 3 года назад

@@Simon-Misiewicz-US-UK-Taxes Sorry, Simon! It was only a typo! It sould read December 2010 i.e. almost 10 years ago! Anyway your very useful professional advice is much appreciated. Please take care and stay safe! I am living in Derbyshire which is now under Tier 2. I hope it won' t go up to Tier 3!

@fungkatie8824 2 года назад

Thanks for the useful information. May I have a question, can I remotely work full time in UK with a BNO visa for a HK employer if the employer agrees? Should I still need to pay hk tax and pay the delta in UK or I just file tax in UK? Thanks

@Simon-Misiewicz-US-UK-Taxes 2 года назад

That is a very good question and this is one that needs to be answered by your employer with the agreement of HMRC

@georgilittle Год назад

Thanks for the useful information. Same as this reply, if I work remotely full time in UK with bno visa for a HK employer but don’t remit the salary to uk. Can I claim remittance basis? Thanks.

@Simon-Misiewicz-US-UK-Taxes Год назад

Yes you can remit the money to the UK And be taxed on the money you bring into the UK rather than the whole salary. Please note that after seven years that our surcharge is that you have to pay to the UK government so please get some tax advice at that point

@georgilittle Год назад

Do you have any email for correspondence and consultation purposes? Thanks.

@Simon-Misiewicz-US-UK-Taxes Год назад

Feel free to book a tax consultation (option 3) www.optimiseaccountants.co.uk/

@maxcheung6269 3 года назад

May I know a British National (Oversea) holder living in Hong Kong is entitled to personal allowance for the rental income in UK?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

You would have the personal allowance provided you hold a UK passport/citizenship

@maxcheung6269 3 года назад

@@Simon-Misiewicz-US-UK-Taxes Thanks for the reply. Your videos are awesome!

@Simon-Misiewicz-US-UK-Taxes 3 года назад

Thank you Max, that is most appreciated thank you 🙏

@timholeung1513 2 года назад

Hi Simon, my situation is, I have a contractor contract with a HK company and every month they pay service fees for my work to my HK bank account. If I do not remit these income to the UK under remittance basis, do I need to pay for National Insurance fees and also income tax in the UK? If not, do I still need to do self assessment of tax return to HMRC ? Thanks.

@Simon-Misiewicz-US-UK-Taxes 2 года назад

It is possible to use the remittance basis. This means that any money that you make in Hong Kong, which is not remitted to the UK could avoid UK income tax. Please note that there are penalties in place if you lived in the UK for more than seven years. Please do book a chance consultation with us to understand more

@timholeung1513 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Using remittance or raising basis , can be changed every tax year in UK , right ? For example, in my first tax year in Uk, I choose remittance basis , and the second tax year , I want to use a rising basis , and then the third tax year , I change back to remittance basis …. Can I do like that ?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

You ought to speak with a tax advisor to discuss your needs to put in place this bespoke tax plan

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Some interesting personal insights thank you for sharing

@laichiwan5964 3 года назад

Hello Simon, Two questions if I may: a. IHT, is it liable for tax on HK properties to BNO owners not applying the BNO visa and stay in HK as permanent residents? B. When a BNO holder having applied for the BNO visa and staying in the UK, inherits the HK properties upon the death of his HK resident parents, will he still need to pay the UK income tax on the inheritance?

@Simon-Misiewicz-US-UK-Taxes 3 года назад

IHT is a complex area. I may not have needed to tell you that as you may have already guessed that. UK IHT will be chargeable against your Hong Kong assets if you are deemed to be domiciled in the UK. You need to live in the UK for 15 out of 20 years for you to be considered domiciled. This means that you will not need to worry about your Hong Kong assets being subject to UK IHT in the foreseeable future

@bernardwong913 Год назад

If I have no intention to become a British Citizen and only stay in Employment Visa for 5yrs before applying for Permanent Resident in UK, as long as I do not transfer any money from HK to UK and keep all my MPF, Investment and HK Property within the banks and accounts in HK, I will not be having any CGT or Worldwide Income to report since there were no sales and no transactions. Should I return back to HK and become a non UK Resident, I will not need to be taxed in UK thereafter. Right?

@Simon-Misiewicz-US-UK-Taxes Год назад

That sounds about right to me and a good strategy that we discuss with many Hong Kongers

@sheenako7195 3 года назад

Excuse me. If I transfer sterling pounds from hkg bank to transferwise debit card which is for the expenses in the UK, will these expenses considered a taxable income? The sterling pounds are gift money from my husband who is working in Hong Kong.

@Simon-Misiewicz-US-UK-Taxes 3 года назад

This is a very difficult question to answer. The reason is dependent on your tax planning status. If you live in the UK and you file on a remittance basis then the money you bring over from Hong Kong will be taxable income.