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Where Taxpayers and Advisers Meet

Hong Kong to UK tax? Help needed

Totalidiot
Posts:1
Joined:Wed Oct 06, 2021 6:25 pm
Hong Kong to UK tax? Help needed

Postby Totalidiot » Wed Oct 06, 2021 6:37 pm

Hi,
Really hope someone has come across this situation and can give me some advice.

I have around 75000usd profit that I am trying to withdraw from a Hong Kong trading account.
I am now being told that I must pay 20% tax as an upfront payment to Border Control tax centre before the money can be paid into my uk bank account.
This sounds completely wrong, but I have been unable to find any details on this tax.
Does anyone have any experience of this kind of thing?
I strongly suspect that it is a scam, as I have not been given the option to have the tax deducted at source.
Am I being duped?

bd6759
Posts:3744
Joined:Sat Feb 01, 2014 3:26 pm

Re: Hong Kong to UK tax? Help needed

Postby bd6759 » Thu Oct 07, 2021 10:47 am

There is no such thing.

iwmtaxadvisor
Posts:42
Joined:Wed Sep 09, 2020 5:12 pm
Contact:

Re: Hong Kong to UK tax? Help needed

Postby iwmtaxadvisor » Thu Oct 07, 2021 11:56 am

One puzzles over who is suggesting they will not redeem the account. If a broker then first write to the compliance team if that fails to get a reply within three days go straight here
https://www.sfc.hk/en/Lodge-a-complaint (assuming they are registered in Hong Kong)
and given the current state of China and its attitude to foreign capital ask for a reference to a local lawyer from one of the private banks there
There's nothing in the DTT about such a withholding tax, and even if there were one would not expect to be called 'Border Control'.
Robert Noble-Warren CTA, FCIS
wealth updates for high net worth families


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