Documentation required to support a historic transaction for remittance basis

I am a citizen of Kazakhstan and had a business with a partner there. In 2021 we sold that business and I granted an interest free loan to my partner to be repaid in 3 years (in 2024). I moved to the UK in 2023. I am NOT deemed domicile in the UK. For 2023/2024 tax year I will claim the remittance basis. I expect that my partner will repay his debt (to my bank account outside of the UK) in accordance with the original loan agreement in February 2024. I want to move that money into my bank account in the UK. Since there is no income from that repayment of debt, there is no effect of that transaction on the amount of income tax payable to the UK HMRC. However, before I move the money into the UK, I would like to clarify what documentation is required under the UK tax law to support the transaction. In particular, would the original loan agreement (prepared in Russian) surfice or will I need to have a translated agreement prepared and notarized? Any thoughts and guidance on the above would be highly appreciated. Thanks in advance

Hi,

Any evidence would need to be in English. Please also refer to the following guidance:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you

OK. Thanks. I can have the original 2021 agreement, prepared in Russian, translated into English. What is the other documentation that HMRC might ask to support the transaction? For example, would I need to provide: - the sales-purchase agreement for the business we sold in 2021?

Hi,

You may be asked to provide additional information at a later date but you do not need to include it with the return at this time.

Thank you.