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Posted Fri, 01 Nov 2024 13:08:20 GMT by Abhi Patel
I am a UK Resident(non-domiciled), has transferred my UK Savings(£15K) out of income to India for property investment purpose as I my visa was supposed to expire beginning of this Year. Cut to now, given the fact that I am on a new skilled worker visa, and planning to buy a home here, and wanted to use that amount as a deposit. Do I need to pay any tax on that 15K, as it was already been taxed here as part of PAYE, before transferring to India. If there any declaration I need to make, how can I do that?
Posted Mon, 04 Nov 2024 12:36:57 GMT by HMRC Admin 17 Response

Hi ,
 
You do not pay tax on the transfer of your savings. 

Transferring savings into the UK is not a taxable event. 

There are no tax implications for transferring money to the UK.

Thank you .
Posted Wed, 06 Nov 2024 16:02:45 GMT by Abhi Patel
Thanks for the reply! A bit confusing as it can be a liquidated amount out of property/land sell. Isn't it kind of Capital Gain type of tax? Do I need to declare that in the assessment form at the time of transfer?
Posted Thu, 07 Nov 2024 17:45:08 GMT by HMRC Admin 33
Hi,
There are no tax implications on sending money from the abroad to the UK. HMRC cannot comment if there may be potential tax implications imposed by the country from which the money are being transferred. 
Thank you

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