Does UK and Hong Kong currently have a double tax agreement?

[AMZ1]

Im being offered a opportunity in Hong Kong but also run a business in UK. I'm confused about the tax side of things, The work in Hong Kong is totally based there and nothing to do with UK side.

Does a double taxation agreement exist between the two places, any advice or pointers welcome.

Thanks

[thewave]

AMZ1 said:

Im being offered a opportunity in Hong Kong but also run a business in UK. I'm confused about the tax side of things, The work in Hong Kong is totally based there and nothing to do with UK side.

Does a double taxation agreement exist between the two places, any advice or pointers welcome.

Thanks

Yes there is.

Any 'profits' tax suffered in Hong Kong will be relievable against UK tax you suffer on self assessment. Obviously your residency will affect any calculations though.

Speak to your accountant about what you intend to do, tax planning when working abroad should always be taken into account.

[AMZ1]

Thanks for the reply, regarding residency. I will going to and from uk and hong kong through out the year so what would that mean?

[thewave]

AMZ1 said:

Thanks for the reply, regarding residency. I will going to and from uk and hong kong through out the year so what would that mean?

Assuming you spend more than 90 'midnights' in the UK, then you will be resident in the UK for tax purposes.

You will be taxed in the UK on you worldwide income, but any taxes suffered in Hong Kong will be relieveable against your UK liability.

[AMZ1]

That makes sense, your a star!