Taxation: British National (Overseas)
(asked on 16th June 2023) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he is taking steps to help ensure that the British National (Overseas) holders residing in the UK are aware of their right to have their tax information data withheld from being sent to Hong Kong authorities.
This question was answered on 21st June 2023
Where individuals are only tax resident in the UK, their financial account information is not shared with any foreign authority. Under the Common Reporting Standard (CRS) information on UK financial accounts held by tax residents of Hong Kong is shared with the tax authority of Hong Kong for taxation purposes. Any financial institution or account holder can apply to HMRC to have CRS information redacted if they consider that their human rights are at risk. The Government has reminded financial institutions about the process and information for individual account holders available on GOV.UK has recently been updated and made more prominent.
Where individuals are only tax resident in the UK, their financial account information is not shared with any foreign authority. Under the Common Reporting Standard (CRS) information on UK financial accounts held by tax residents of Hong Kong is shared with the tax authority of Hong Kong for taxation purposes. Any financial institution or account holder can apply to HMRC to have CRS information redacted if they consider that their human rights are at risk. The Government has reminded financial institutions about the process and information for individual account holders available on GOV.UK has recently been updated and made more prominent.