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Posted Mon, 07 Mar 2022 01:45:25 GMT by M Fitz
Hello, my partner and I are thinking of moving back to the UK from Auatralia. We have around 250k in savings. This is savings built up over the years. Do we have to declare this if we transfer it or have to pay any tax on it. This will really determine if we move home or not, Thanks.
Posted Mon, 07 Mar 2022 12:50:44 GMT by HMRC Admin 2
Hi,

There would be no Income tax implications on the transfer of this money unless it generates any interest as a UK resident.

The interest would then be subject to Income Tax.

Thank you.

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