Tax on transferring money from HK to UK

Solus

Afternoon everyone,

I would be grateful if someone could enlighten me of the tax implications that may arise in the following scenario:

I am born and bred in England (I have a British passport) and have lived here ever since, I also have a Hong Kong identity card (equivalent to a British Passport).

Here is the confusing part....

As I have a HK identity card, I inherited some form of land permit which was given to all 'boys' from certain rural parts of Hong Kong. Now this permit entitles one to build properties on land they have purchased separately. People who do not have this permit will have to purchase one before building on their land etc. So this permit can be sold on to people who require it.

Now as I have no land etc, I am planning on selling this permit which could be range from £20,000 to £40,000 (estimated depending on the area you are from).

The question is:

As this money would go into my personal bank account in Hong Kong, it wouldn't be much use there, therefore I would like to know if there are any tax implications that may arise if I transfer parts of it over to my England personal bank account.

Thank you for taking your time to read.:)

antrobus

Solus wrote: »

Afternoon everyone,

I would be grateful if someone could enlighten me of the tax implications that may arise in the following scenario:

I am born and bred in England (I have a British passport) and have lived here ever since, I also have a Hong Kong identity card (equivalent to a British Passport).

Here is the confusing part....

As I have a HK identity card, I inherited some form of land permit which was given to all 'boys' from certain rural parts of Hong Kong. Now this permit entitles one to build properties on land they have purchased separately. People who do not have this permit will have to purchase one before building on their land etc. So this permit can be sold on to people who require it.

Now as I have no land etc, I am planning on selling this permit which could be range from £20,000 to £40,000 (estimated depending on the area you are from).

The question is:

As this money would go into my personal bank account in Hong Kong, it wouldn't be much use there, therefore I would like to know if there are any tax implications that may arise if I transfer parts of it over to my England personal bank account.

Thank you for taking your time to read.:)

My guess would be that as you were "born and bred in England" and "have lived here ever since" that you are both domiciled and resident in the UK and that the sale of your HK permit will fall to be taxed as a Capital Gain in the UK. That would be the case irrespective of what bank account the proceeds were held.