“As part of the British Government’s “Requirement to Correct” legislation UK taxpayers must make sure that all their foreign income and assets, where there might be tax to pay, have been declared to HMRC before the 30 September 2018 or face substantially higher penalties.
Many people may not realise that some straightforward actions, such as renting out a property or transferring income and assets from one country to another, could mean having to pay tax in the UK. This includes having income from or an asset in Hong Kong or anywhere else in the world. These must all be declared to HMRC.
Although the Requirement to Correct applies to people who pay tax in the UK, it could still affect people if they live abroad and pay tax outside the UK, for example people who rent out their UK home whilst living in Hong Kong or another country.”