Before I emmigrate to UK, I have worked in a big firm for 40 years+. The company exercised a provident fund system for retirement, in which employee contributed 5% of his salary each month and the company correspondingly contributed 12.5% in his p-fund account. The fund was managed by a trustee company. Employee could have freedom to invest on certain kind of funds or put it on fixed deposit, but did not allow to take it until leaving the company. Apart from my own minor saving, my main source of money will be coming from selling the fund, convert it into British Pound and tranfer to UK.
I'm living in a hotel right now and going to hire a flat starting on 28 Aug 2014. I have not registered to local Council yet. I have reserved a house and a car. The house needs to be paid with 10% deposit in this month and the balance is to be paid when completed which will be in March next year, the car will be paid by the beginning of next month. All such money, also my cost of living have not been transferred to UK yet. Is there any tax free grace period for immigrant to move his money to UK or any alternative can be advised on this issue?
I transferred only £70,000 to UK bank before 8 Aug with my own saving. The retirement provident fund is still with the trustee company in Hong Kong, which I propose to draw it out, convert to GBP and transfer to UK bank in Nov this year.
I still have saving in the bank in Hong Kong but the interest is very very low, less than 100 Hong Kong Dollars a year, which is equivalent to less than £10 a year.
I don't quite understand why 8 Aug is used as the time line to demarcate the money transfer before or after. Why not the date when I first used my UK passport in mid Jan coming into UK, or the second time in mid May.
I have not registered to local Council yet, and I have not been set up with taxation file, how can the goverment tell whether I am staying in UK.
The money I have was not earning in UK. It is my pension received when I worked Hong Kong. Also the house I'm going to buy is the my first property in UK. It doesn't make sense to pay tax on top of the stamp duty.
I am not going to work in UK as I have already retired, but I need to pay the school fee for my son, which will be around £20,000 a year apart from the cost of living, so is there any tax free allowance for my son's school fee?
If I come into UK as visitor (i.e. not using UK passport) can I bringing money into UK to buy property?
By ticking the rating, does it mean that the service I paid for is over ?