Property Purchased In The UK In 1991 - Whilst Permanent Resident In Hong Kong - 02/27/02
Question
If a person is resident in Hong Kong and employed in Hong Kong and in August 1999 bought a freehold property in the UK for approx £200,000 (pounds).Would this person, being resident in Hong Kong (which was then a British Colony) have to file/disclose this information in his/her tax return in Hong Kong for that year?
Answer
For an individual tax return:-(a) property tax is charged on owners of properties situated in Hong Kong in respect of income derived from the properties. (b) profits tax is charged for each year of assessment on every person carrying on a trade, profession or business in Hong Kong in respect of his/her assessable profits arising in or derived from Hong Kong.