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Posted Mon, 07 Nov 2022 00:32:04 GMT by Anjali Castelino
Hi, I moved to UK in early 2021, I am on skilled visa. I want to transfer money from my NRE account in India. I haven’t transferred money from UK to NRE Indian account. The source of funds in NRE Account is from employment (before 2021 and before moving to UK) in Middle East. I want to move these funds to UK so I can purchase a property here in UK. Do I need to declare this amount in self assessment and will the transferred amount be taxed in UK ?
Posted Thu, 10 Nov 2022 11:26:15 GMT by Andrew Williams
Hi,

You do not need to declare the transfer of the funds in your tax return and the actual capital is not liable to Income Tax. However, any interest or dividends that this then generates will be taxable income.

Thank you.

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