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Posted Mon, 03 Jul 2023 16:40:04 GMT by
I currently live in both malta and UK. If I transfer my savings to UK bank (tax has already been paid in Malta) would I be taxed again in the UK?
Posted Mon, 10 Jul 2023 07:31:55 GMT by HMRC Admin 5

If you are tax resident in the UK, you will be taxed on any interest that is generated (over £1000 if basic rate £500 if higher rate)

Thank you
Posted Mon, 10 Jul 2023 09:36:48 GMT by
Thanks for your reply. Just to be clear - all monies in Malta savings bank account were earned before I was a tax resident in UK - please conform that these actual savings transferred from Malta bank to UK bank will not be taxed? It is only the interest gained on placing these in any UK savings account that will be taxed? Thanks
Posted Fri, 14 Jul 2023 14:07:02 GMT by HMRC Admin 20
Hi Joglen,

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,

Thank you. 

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