15/07/2023
UK Taxation - A simple guide for BNO holders
UK tax regime is essentially based on two major statuses of the taxpayers :
Residency – whether or not the individual is an UK Resident under UK tax regime (this is nothing to do with immigration law of residency)
Domicile – whether or not the individual is a UK domicile or “Deemed Domicile” in the UK. Since all BNO holders were born in Hong Kong their “Domicile of Origin” is in Hong Kong. This is important and steps should be taken to maintain the non-domicile (Non-Dom) status as far as possible.
You will become UK resident when you move to UK but you can maintain your Domicile of Origin in HK until you decide to change or being Deemed Domicile in UK when you have been living in UK in 15 out of the last 20 years (there are other rules on the determination of Deemed Domicile)
If the individual is a UK tax resident and UK domicile then they are subject to UK tax on all their worldwide income, capital gain and inheritance tax (IHT).
If the individual is a UK tax resident but not UK domicile they have a choice to be taxed on remittance basis for all their worldwide income and capital gain outside the UK. This means if the individual is not remitting any income or gain back to the UK they will not be subject to taxes. The individual will only be taxed in the year and on the amount of income or gain they have brought back to the UK.
Also the Non-Dom is generally only taxed on their UK assets for UK Inheritance Tax.
BNO holders should consider safe guiding their incomes and assets which are outside the UK before they land in the UK.
BNO holders should also consider their means of subsistence apart from employment which may take time. There are obviously many ways to maintain one’s subsistence depend on the means they have in hand.
（中文版本將於稍後提供）
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