Taxes Hong Kong to the UK

Old May 23rd 2018, 7:05 am
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Default Taxes Hong Kong to the UK

If I take my pension from Hong Kong and sell my Hong Kong property, what taxes am i liable for on return to the UK for that as a lump sum? I already own one property in the UK which still has a mortgage.
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Old May 23rd 2018, 10:24 am
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Default Re: Taxes Hong Kong to the UK

You won't be liable for UK taxes if you do it whilst in Hong Kong. Tax is liable on income, not savings.
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Old May 23rd 2018, 10:40 am
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Default Re: Taxes Hong Kong to the UK

Originally Posted by BritInParis
You won't be liable for UK taxes if you do it whilst in Hong Kong. Tax is liable on income, not savings.
Appreciate the reply. But does that include income if you sell properties outside of the UK obce you declare domicile inside the UK? Or should you place everything into cash before you decalre domicile.
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Old May 23rd 2018, 10:44 am
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Default Re: Taxes Hong Kong to the UK

Originally Posted by SteveHinHK
Appreciate the reply. But does that include income if you sell properties outside of the UK obce you declare domicile inside the UK? Or should you place everything into cash before you decalre domicile.
Domicile and residence are not the same thing but if you are resident for tax purposes in the UK then you are liable for tax on your worldwide income, including Capital Gains Tax on the sale of property. How long have you been outside the UK?
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Old May 23rd 2018, 11:08 am
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Default Re: Taxes Hong Kong to the UK

Originally Posted by BritInParis
Domicile and residence are not the same thing but if you are resident for tax purposes in the UK then you are liable for tax on your worldwide income, including Capital Gains Tax on the sale of property. How long have you been outside the UK?
Appreciate the reply. 34 years. No payments to UK government in that time but did buy a property 4 years ago, still under mortgage - so no declared domicile.
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Old May 23rd 2018, 12:56 pm
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Default Re: Taxes Hong Kong to the UK

Originally Posted by SteveHinHK
Appreciate the reply. 34 years. No payments to UK government in that time but did buy a property 4 years ago, still under mortgage - so no declared domicile.
As you left the UK more than five years ago any property you sell in Hong Kong is not subject to CGT, either when you sell it or when you subsequently return to the UK. To be the most tax efficient you should to liquidate your assets before moving back and then transfer the cash to your UK account as a lump sum using a low cost transfer service like Torfx or Transferwise.

https://www.gov.uk/tax-return-uk

https://www.gov.uk/tax-sell-property...rseas-property
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