Sending money to UK

Hi, I am planning to bring approx £15K from India by pledging the gold I have in possession. I have to pay 20% tax in India for the money I am sending to the UK. Do I need to pay tax in the UK as well for the money I am going to bring here? Please confirm. Reason - Deposit for purchasing home in the UK. Thanks, Jaison

Hi , 
 

As you are disposing of an overseas asset (gold) then you will need to declare this in a self assessment tax return (SA100) on the foreign section (SA106) and the capital gains section SA108, even if no gain arises.  You would need to obtain the acquisition costs (purchase price and buying costs) of the gold and convert this to pounds sterling, using an exchange rate in operation at the time of acquisition.  You would also have to do the same at the time of disposal value, minus disposal costs.  You may have to pay capital gains tax on this disposal in India, in which case, you can claim a foreign tax credit in your tax return. Thank you .