Repatriation of Money

I'm a UK citizen and domiciled here for tax purposes. I retired over 10 years ago. During my working career I sent money back to India which I deposited into a non-resident of India fixed deposit accounts as the returns on my investment would have been much greater than in the UK at the time. I have declared all interest earned on my savings in India to the tax authorities there on an annual basis as per the current legislation in India. I now wish to repatriate my savings back to UK which is in excess of £75,000. I will at the same time close my bank account in India. Please confirm if I would need to declare this on my self assessment tax return. If declaration is required please advise in which part of the tax return this income should be reported. Thanks

Hi ranjitgills,
Any deposits into the fixed deposit account, from income that has been taxed in the UK, would not be taxable when brought back to the UK, as the money would be capital and not income.
Thank you.

I am UK resident for last 4 years and prior to UK, i was working in India. I have savings in India and tax has already been paid in India. If i wish to repatriate my savings from India to UK to purchase house, Do I need to pay tax in UK as well? If yes, will i not end up paying dual tax? What is the best way to minimize tax implication?

Hi,
Not on the transfer of the capital, you will need to declare any interest that this then generates.
Thank you.