The United Kingdom has officially imposed global tax on its citizens. It is difficult for Hong Kong residents to hide their assets in Hong Kong to save taxes in Hong Kong. This means that some people only have one year left to deal with their assets.
British Chancellor of the Exchequer Hou Junwei released the Spring Budget, announcing that he would abolish the system where residents of non-British origins will not have to pay tax on overseas income as long as they are not remitted to the UK. Some Hong Kong people who have just immigrated to the UK have not yet had time to sell their Hong Kong properties and welcome the relevant decision; some industry insiders point out that for Hong Kong people who have lived in the UK for three years, it means that they only have one year left to deal with overseas related assets. .
The British “Budget” abolished the system in which residents of non-British places of origin do not have to pay tax on overseas income as long as they are not remitted to the UK. Hou Junwei pointed out that the system that has been used for more than two centuries is outdated and will be replaced by a more modern, simple and fair system. The tax system announced that starting from April 2025, non-UK residents of the original place of residence will not have to pay taxes on overseas income for the first four years, but then they will have to be in line with all British residents. It is expected to bring 27 benefits in 2028 and 2029. billion pounds revenue.
Billy, the head of Goodbye HK Hello UK in Hong Kong, said that the budget has a significant impact on people who have immigrated to the UK in recent years. He said that they must pay attention to the fact that from April next year, the tax concept of non-permanent residence (non-dom) will be abolished, which means that Overseas income will no longer be tax deductible on a remittance basis. In the past, for the remittance system, if handled properly, overseas income would not need to pay tax as long as it was not remitted to the UK, and the period of the remittance system ranged from 7 to 15 years.
However, this budget announced that after living in the UK for four years, all overseas income and asset appreciation must pay UK tax, which in disguise abolishes the remittance system that only taxes funds brought into the UK.
In addition, new immigrants can enjoy 100% tax exemption on overseas assets and income in the first 4 years. Tax residents who have been in the UK for less than 4 years can still enjoy the discount for the remaining years, especially those who have just obtained a BNO visa. There are only 4 years to deal with Hong Kong assets, especially property sales.
He pointed out that for Hong Kong people who have lived in the UK for three years, it means that they only have one year left to deal with overseas-related assets. Otherwise, the assets left in Hong Kong will be taxed even if they are not remitted to the UK. Although there is a tax exemption of 4 years, the BNO “5+1” requires at least 6 years to obtain status, which is not enough for new immigrants and their families to obtain permanent residence and naturalization status.
The past three years have been the peak period of Hong Kong’s property market, and property prices are still very good. If you want to immigrate by selling property, you can “clear cut” your Hong Kong assets and bring them directly into the UK without any worries. Mr. Lin, who just obtained a BNO visa and landed in the UK at the end of last month, told “Sing Tao Toutiao” in an interview that he has settled in London with a pair of children and his wife. He currently still holds the Hung Hom he bought in early 2019 in Hong Kong. 4-bedroom unit in Whampoa Garden. In the past, I had been waiting for the relaxation of the hot-money scheme to put the flat for sale. However, due to family factors and my dental work, my plan was delayed. In addition, my job in Hong Kong paid well, and I wanted to save money for two more years. Although the family has already Moved, but the building is still not for sale. At present, the property market in Hong Kong has completely subsided, but the opportunity to sell properties has long been missed. Mr. Lin’s property asking price has dropped by almost NT$2 million. He plans to move to the UK first and then make arrangements.
He welcomed this Budget, saying that it would be beneficial to Hong Kong people who have just been approved for BNO visas, or Hong Kong people who are preparing to travel to the UK but have no time to sell Hong Kong properties, stocks, and bonds. Under the new measures, there are still four years to dispose of Hong Kong assets. He hopes to wait until property prices rise before selling the property and making rental arrangements for the time being.
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2024-03-09 22:00:00
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