By South China Morning Post | Created at 2024-11-02 13:08:10 | Updated at 2024-11-02 16:31:54
3 hours ago
The decision by English snooker star Ronnie O’Sullivan to become a Hong Kong resident has been hailed by personal finance experts as a timely move that may spare him from looming tax status reform in the United Kingdom.
But one expert said the seven-time champion would have to give up his UK citizenship to escape the full impact of the tax reform, which will also soon affect Hongkongers who have settled in the country using its bespoke citizenship pathway.
O’Sullivan set foot in the financial hub last Wednesday to take up residency at a time when British finance minister Rachel Reeves unveiled the country’s biggest tax increases since 1993, while confirming the abolition of the non-domicile tax status.
Under the present system, British taxpayers who opt for a foreign location for their permanent home, or “domicile”, will not have to pay UK taxes on income and capital gains that are generated outside the country unless these are brought back to Britain.
But the system from next April will only take into account taxpayers’ residency, meaning anyone living in the UK will be taxed for all of their income and gains, regardless of where they are generated.
O’Sullivan took up Hong Kong residency under the Quality Migrant Admission Scheme.
