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Posted Fri, 03 Nov 2023 07:19:01 GMT by
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
Posted Wed, 08 Nov 2023 11:53:00 GMT by HMRC Admin 20
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.

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