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Posted Wed, 12 Apr 2023 19:52:44 GMT by Ze Pereira
I have recently moved to UK and will become a tax resident in the UK I will be filing my SA under the Non Domicile category. I understand that capital that I owned prior to becoming a tax resident in the UK is not taxable upon transfer to the UK. In my particular case, I have fixed deposits in banks which I made in 2019 which will mature in 2023. This is capital / asset that I owned prior to becoming a tax resident in the UK. However the amount will be transferred to my bank account only in 2023 upon maturity. These fixed deposits are recorded in my tax returns filed with Indian tax authorities. My query is: 1. Will the amount limited to the capital alone be taxed upon transfer to the UK. Here I am referring to the capital owned prior to becoming a tax resident but deposited in my bank account after I become a tax resident in the UK 2. If it is not taxable, what kind of documents will I need to maintain in case of a query by HMRC Thanks
Posted Wed, 19 Apr 2023 10:55:25 GMT by HMRC Admin 32
Hi,

Please refer to guidance at:

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

Thank you.

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