Pensions: British National (Overseas)
(asked on 21st June 2023) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of sending personal details and tax information of holders of British National (Overseas) passports to Hong Kong authorities on those passport holders' ability to access their pensions.
This question was answered on 30th June 2023
The information shared with the Hong Kong tax authority is financial account information of Hong Kong tax residents – which does not include holders of British National (Overseas) passports who are tax resident in the UK – and can only be used for taxation purposes. The information is shared as part of our international treaty obligations under the OECD’s Common Reporting Standard to help tackle tax evasion and non-compliance. The information exchanged is subject to stringent data security and confidentiality standards, which are rigorously assessed by independent experts appointed by the Global Forum on Transparency and Exchange of Information for Tax Purposes. In addition, where individuals have concerns, they or their financial institutions can ask HMRC to redact their information from being exchanged on human rights grounds. Guidance on how to do this has recently been updated on GOV.UK website here: Automatic Exchange of Information if you have an account - GOV.UK (www.gov.uk).
The information shared with the Hong Kong tax authority is financial account information of Hong Kong tax residents – which does not include holders of British National (Overseas) passports who are tax resident in the UK – and can only be used for taxation purposes. The information is shared as part of our international treaty obligations under the OECD’s Common Reporting Standard to help tackle tax evasion and non-compliance. The information exchanged is subject to stringent data security and confidentiality standards, which are rigorously assessed by independent experts appointed by the Global Forum on Transparency and Exchange of Information for Tax Purposes. In addition, where individuals have concerns, they or their financial institutions can ask HMRC to redact their information from being exchanged on human rights grounds. Guidance on how to do this has recently been updated on GOV.UK website here: Automatic Exchange of Information if you have an account - GOV.UK (www.gov.uk).