Remitting Personal Savings from Home Country to UK

Hi, I moved to UK under Tier 2 visa in February 2023. I had about £10000 saved up in a personal savings account by the time I travelled and I'm planning to remit this to UK for the purpose of buying a house. However this account had accrued interest during the past 6 months. I understand that the interest earned will be taxed in UK if I remit it, but if I remit the balance which I had upto 31st January 2023 to UK do I still have to pay tax?

Hi
You will not be taxed on the actual capital that you have transferred but you will need to declare any interest or dividends that this then generates.

 

Hi , I am indian citizen working in the UK on global talent visa and transferring money from my own india account (my savings) to UK to do the down payment for the first home I am buying in UK to live. Would I need to pay tax on the remitted amount? I am UK tax resident but not domiciled (as less than 7 years here) and also file self assessment on remittance basis. please confirm

Hi,
There are no tax implications for transferring savings to a UK bank account unless they generate interest or dividends. These would then potentially be subject to tax. You can see guidance:
Tax on savings interest
Tax on dividends
Thank you.