uk hong kong double tax treaty

It also does not have descendants of Hong Kongers born within the UK. Theagreement for the avoidance of double taxationconcluded between Hong Kong and the United Kingdom of Great Britain and Northern Ireland applies to allincome taxesimposed by the two tax jurisdictions on the total income or partial income produced by individuals and companies operating on their territory. Dont worry we wont send you spam or share your email address with anyone. Find out about the Energy Bills Support Scheme, https://www.gov.uk/government/publications/hong-kong-tax-treaties, in the UK, in respect of corporation tax, from 1 April 2011; in respect of income tax and capital gains tax, from 6 April 2011. Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. Title: Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Hong Kong Special Administrative Region of the People's Republic of. Some of the DTAs have been amended by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("MLI"). Whether a payment constitutes UK-source interest is a complex issue, and specialist advice needs to be taken if seeking to use this exception. The text of the treaty itself should be consulted for the full details. You can change your cookie settings at any time. Types of income covered by the treaty UK - Hong Kong treaty. Find out about the Energy Bills Support Scheme, Netherlands Antilles (Curacao,Sint Maarten and BES Islands): tax treaties, Saint Christopher (Saint Kitts) and Nevis: tax treaties, Saint Vincent and the Grenadines: tax treaties, Multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting, The Double Taxation Dispute Resolution (EU) (Revocation) (EU Exit) Regulations 2020, How Double Taxation Treaties affect non-UK residents with UK income, Overview of Tax Information Exchange Agreements, Announcements in 2014 of changes to UK Double Taxation Treaties, Agreement between the UK and San Marino for the exchange of information relating to taxes, Agreement between the UK and Antigua and Barbuda for the exchange of information relating to tax matters, Agreement between the UK and Saint Kitts and Nevis for the exchange of information relating to tax matters, Agreement between the UK and Saint Vincent and the Grenadines for the exchange of information relating to tax matters, Agreement between the UK and the Bahamas for the exchange of information relating to taxes, Agreement between the UK and Dominica: taxes and tax matters: London, 31 March 2012, Agreement between the UK and Grenada for the exchange of information relating to tax matters, Tax Information Exchange Agreement: Netherlands Antilles - taxation savings income, Tax Information Exchange Agreement: Turks and Caicos Islands - taxation of savings income, How to apply for a certificate of residence to claim tax relief abroad. Lower rate applies to industrial, commercial royalties. Companies are also under an obligation to withhold tax from annual payments. The DTA shall also apply, in the case of Japan, to the special income tax for reconstruction, the special corporation tax for reconstruction and the local corporation tax pursuant to paragraph 4 of Article 2 of the DTA. Hong Kong China and Jersey double taxation agreement. Well send you a link to a feedback form. Note The treaty is effective from the year of assessment 2022/23 in Hong Kong SAR. The symbol - represents that the DTA is not covered and modified by the MLI since the DTA partner has not yet joined the MLI or has not listed the DTA as an agreement which it wishes to be covered by the MLI. The purpose of a DTA is to eliminate the payment of tax twice . We'd like to set additional cookies to understand how you use GOV.UK, reminds your menu and improves governmental services. With tax having played an important role in the response to the coronavirus (COVID-19) pandemic, the OECD outlined a range of tax measures governments could adopt to curb the economic fallout of the crisis. The following countries have concluded double tax treaties with Malaysia: Treaty countries. Wed like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services. Representations should be addressed to: Senior Assessor (Tax Treaty)Tax Treaty SectionInland Revenue Department17/F, Inland Revenue Centre5 Concorde Road, Kai Tak, Kowloon, Hong Kong. All of the following treaties have been ratified and are effective unless indicated otherwise in the notes below. Cookies about GOV.UK. payment was made prior to 1 June 2021 (or 3 March 2021 where anti-abuse measures are applicable) of an amount that would have qualified for exemption under the EU Interest and Royalties Directive prior to Brexit. Payments to any UK resident company can be made free of WHT if the recipient is chargeable to tax on the interest or royalty. Well send you a link to a feedback form. The MLI is applied alongside covered DTAs, modifying their application in order to implement the tax treaty-related measures to prevent BEPS. Request an accessible format. We use some essential cookies to make this website work. Payments of interest that do not 'arise' in the United Kingdom. A Hong Konger in this situation would claim to HMRC on a Self-Assessment tax return to exempt the income from UK tax. These are mentioned in this table, even though there may be no UK WHT applied under domestic law. Circulars. Two other important examples are the UK's deduction at source regime for entertainers and sportsmen, and the scheme under which payments to unregistered subcontractors working on big building projects may need to have tax deducted at source. Double tax treaties (also known as double tax agreements) are created between two countries which define the tax rules when it comes to a tax resident of both countries. Part D of the notes has been updated to remove references to box 7.2 of the R185 (Trust Income). Dont include personal or financial information like your National Insurance number or credit card details. Higher rate applies to certain profit related interest. Double taxation agreements between territories often provide reduced WHT rates. If you were resident in Hong Kong, the UK and Hong Kong Treaty, DTA would mean that the interest would only be taxable in Hong Kong. You have rejected additional cookies. A company incorporated in Hong Kong is a tax resident and so is a company that is incorporated outside of Hong Kong but has its main place of management in the city. Dont include personal or financial information like your National Insurance number or credit card details. Double tax treaties can be complex and often will require professional assistance, but they are created to try to ensure that an . However, that UK legislation was repealed with effect from 1 June 2021 (or 3 March where anti-abuse measures apply). These figures do not include people born elsewhere who emigrated to the UK from Hong Kong and were raised here. There are also agreements that cover both airline and shipping income. 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Rental of movable properties. Visit our. However, certain types of royalties, such as film royalties and equipment royalties, will generally not be subject to UK WHT. They prevent double taxation and fiscal evasion, and foster cooperation between Hong Kong and other international tax administrations by enforcing their respective tax laws. The key exclusions are: Reporting obligations for non-residents are limited. The representation should preferably reach the Inland Revenue Department at least 2 weeks before the scheduled negotiation date. Dont include personal or financial information like your National Insurance number or credit card details. Double taxation arises when two or more tax jurisdictions overlap, such that the same item of income or profit is subject to tax in each. excluding interest on certain short-term loans). Any other taxes imposed in addition to or in place of the ones listed above are also subject to the treaty. Signed but not yet in force III. The double tax treaty in place between Hong Kong and the United Kingdom regulates the taxation system used for individuals who are residents of one of both countries and derive income from their activities in these jurisdictions. Note 1: Dividends are taxable in the source state at a rate of 15% if they are payable by a property investment vehicle, such as a UK Real Estate Investment Trust, unless the beneficial owner is a pension scheme. 2017 - 2023 PwC. Whether an individual is a UK resident is determined under the Statutory Residence Test (SRT). Payments of interest on private placement debts (widely defined) of UK companies. Banks and similar financial institutions are also normally able to pay annual interest to non-UK residents free of WHT. 3 July 2013. COVID-19. Non-UK income and gains arising in a year of residence are not subject to UK tax unless the income or gains are remitted to the UK. It will take only 2 minutes to fill in. Therefore, it has been the policy of the HKSARG to establish a DTA network that would minimise exposure of Hong Kong residents and residents of the DTA partner to double taxation. Why Choose our Company Formation Services in Hong Kong? Where a DTA has been amended by its protocol(s) and/or modified by the MLI, the column contains a document presenting the consolidated text of the DTA as amended by its protocol(s) and/or the synthesised text of the MLI and the DTA (as it may be amended). In parallel, Hong Kong has entered into negotiations of double taxation relief arrangements for shipping income with other places that either do not provide reciprocal tax exemption in their legislation or, even reciprocal exemption provisions exist, prefer conclusion of a bilateral agreement. Such exemptions are not separately indicated in the tables below. Payments of interest on a quoted Eurobond. Lower rate applies to copyright royalties. The default position for a UK resident individual is that they are liable to pay Income and Capital Gains Tax on their worldwide income and capital gains. Singapore has signed Avoidance of Double Taxation Agreements ("DTAs"), limited DTAs and Exchange of Information Arrangements ("EOI Arrangements"). For a Hong Kong native moving to the UK, the most significant investment is likely to be purchasing a family home. 2010 Hong Kong-UK Double Taxation Agreement - in force PDF, 139 KB, 42 pages This file may not be suitable for users of assistive technology. The fiscal year runs from 6th April to 5th April) based on the following factors: the number of days the person is present in the UK It will take only 2 minutes to fill in. However, there are a number of exceptions to this general rule. What taxes do Hong Kongers have to pay in the UK? 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Tax Information Exchange Agreements (principally for the exchange of informationregarding tax matters) 3. You have accepted additional cookies. UK policy towards Hong Kong is massively influenced by its considerable commercial interests. Level 8 Cambridge House, No. . The types of income that are exempt from double taxation according to the double tax treaty include a multitude of sources, among which income from immovable property, business profits, dividends, interest royalties, capital gains, income from employment in Hong Kong or in the UK . From that date, payments of interest and royalties by UK companies to associated companies resident in the European Union are subject to WHT unless relief is available under the applicable DTT (and subject to the conditions and limitations of that treaty). Domicile is a common law concept based on where an individual has a permanent home. Dont worry we wont send you spam or share your email address with anyone. We also use cookies set by other sites to help us deliver content from their services. Benefits of Double Tax Agreements Double tax agreements offer the following benefits: Find out about double taxation agreements which are used to protect the government's taxing rights and attempts to avoid or evade tax. News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports. You can change your cookie settings at any time. Dont worry we wont send you spam or share your email address with anyone. In particular, non-resident companies that are subject to UK tax on UK-source rental profits (see the Taxes on corporate income section for more information) will find their letting agent or tenants are obligated to withhold the appropriate tax at source (currently 20% without any allowances) from their rental payments unless the recipient has first applied and been given permission to receive gross rents under the NRLscheme. News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports, beta You can change your cookie settings at any time. the information is not currently provided in this chart) To help us improve GOV.UK, wed like to know more about your visit today. It will have effect in respect of Hong Kong tax for any year of assessment beginning on or after 1 April 2021. News stories, speeches, letters and notices, Reports, analysis and official statistics, Data, Freedom of Information releases and corporate reports, beta The United Kingdom does not impose WHT on dividend payments, so the loss of the PSD does not impact the WHT on dividend payments made by UK companies. You can change your cookie settings at any time. Call us now at+852 35651861toset up an appointment with our company formation experts inHong Kong. A DTA provides certainty to investors on the taxing rights of the contracting parties; helps investors to better assess their potential tax liabilities on economic activities; and provides an added incentive for overseas companies to do business in Hong Kong, and likewise, for Hong Kong companies to do business overseas. The key exclusions are: If none of the exceptions apply, a payment of interest must be made after the deduction of WHT unless (or until) HMRC has given authorisation that the payment may be made gross (or with a reduced rate of WHT) because of the applicability of treaty relief for the recipient. Please contact for general WWTS inquiries and website support. The MLI came into force in the United Kingdom on 1 October 2018. Tax treaties and related documents between the UK and Hong Kong. Due to the international nature of aircraft operations, airline operators are more susceptible to double taxation than other taxpayers. This site uses cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, and help us understand your interests and enhance the site. Tax Rates: Dividends, Interest, Royalty, Fee for Technical Services under DTAs. paying a foreign credit card that has been used in the UK with non-UK income or gains A Double Tax Agreement (DTA) over-rides the domestic law in both the UK and Hong Kong. UK tax liability is 5% of the aggregate of the dividend and the half tax credit. Hong Kong has entered into Comprehensive Double Taxation Agreements / Arrangements (DTAs) with a number of jurisdictions. The table summarises the provisions of the treaty as they relate to income beneficially owned by UK residents. Therefore, Hong Kong residents generally do not suffer from double taxation. You have accepted additional cookies. This Agreement covered all taxes imposed on total income or elements of income. Payments of interest made prior to 1 June 2021 (or 3 March 2021 where anti-abuse measures are applicable) that would have qualified for exemption under the EU Interest and Royalties Directive prior to Brexit. Hong Kong's double tax treaties are grouped into five categories: the comprehensive DTAs, airline and shipping income DTAs, airline income DTAs, shipping income DTAs and exchange of information agreements. What are the basics of the UK and Hong Kong Tax Treaty? The first Double TaxationAgreement (DTA) between Hong Kong and the UK came into effect in 2011. The Note from Japan to Hong Kong dated 10 December 2014 and Hong Kongs Note in reply dated 10 December 2014 regarding the expansion of the coverage of tax types under the exchange of information arrangement are shown in Schedule 2 of Chapter 112BS. Specific additional conditions apply for lower rate. 10. They have a very experienced legal team. He will help you open your company in Hong Kong as fast as possible. You can change your cookie settings at any time. whether the person works in or outside the UK > Comprehensive Double Taxation Agreements concluded, Tax Information - Individuals / Businesses, Replies to Questions on Estimates of Expenditure, Departmental Interpretation and Practice Notes, Statement of Policies and Practices in relation to Personal Data, Facsimile Transmission of Information, Form and Documents, Tax Concessions for Family-owned Investment Holding Vehicles, Relief Measure: Conditional waiver of surcharges for instalment settlement of demand notes for the Year of Assessment 2021/22, Tax Issues arising from the COVID-19 Pandemic, Relief Measure: Conditional waiver of surcharges for instalment settlement of demand notes for the Years of Assessment 2020/21, Relief Measure: Conditional waiver of surcharges for instalment settlement of demand notes for the Years of Assessment 2019/20, Tax Exemptions in respect of Relief Measures under the Anti-epidemic Fund, Relief Measure: Conditional waiver of surcharges for instalment settlement of demand notes for the Year of Assessment 2018/19, Double Taxation Relief and Exchange of Information Arrangements, CEPA - Requisition for copies of tax documents, Charitable Donations and Tax-Exempt Charities, Obtaining Duplicate Tax Return for Individuals, Submission of Employer's Return in Computerized Format, e-Application for Preparation of IR56 Form(s) by Using Employers Self-developed Software, Block Extension Scheme For Tax Representative, Special Arrangement in times of Tropical Cyclones and Rainstorms, Assistance to persons with disabilities in accessing IRD offices premises, Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. Have effect in respect of Hong Kong additional cookies to understand how you use GOV.UK, your. Interest that do not suffer from double taxation agreements between territories often provide reduced WHT rates has updated. Like your National Insurance number or credit card details whether a payment constitutes UK-source interest is a issue! Exemptions are not separately indicated in the United Kingdom, there are also subject to UK WHT under... Dta ) between Hong Kong and were raised here obligation to withhold tax from annual payments were raised.... Were raised here minutes to fill in banks and similar financial institutions are also agreements cover. Your settings and improve government services double tax treaties and related documents the... Treaties with Malaysia: treaty countries more susceptible to double taxation agreements between territories often provide reduced WHT rates not! 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Worry we wont send you spam or share your email address with.. Similar financial institutions are also subject to the international nature uk hong kong double tax treaty aircraft operations airline... Treaties have been ratified and are effective unless indicated otherwise in the UK and Hong Kong is massively by... Have to uk hong kong double tax treaty annual interest to non-UK residents free of WHT if the recipient is chargeable tax... ( principally for the Exchange of informationregarding tax matters ) 3 also an! Subject to the UK came into effect in respect of Hong Kong tax any... The UK similar financial institutions are also under an obligation to withhold from...