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Posted Wed, 30 Oct 2024 02:27:53 GMT by Framk Binnie
I am a UK Citizen and worked in the Philippines from 2012 until my retirement in 2020, currently I am still living in the Philippines but intend to permanently return to live in the UK in 2025. My Philippines earnings after tax were paid in USD to my Philippines USD account and I remitted funds to my UK GBP Savings account. I was taxed on my earnings in the Philippines until retirement and have been taxed in the UK on my Pension payments. On retirement I advanced funds for property investments in the Philippines from my UK GBP Savings account and also from my Philippines USD account. The loans will be due for repayment next year, either directly or upon the sale of the properties, my understanding is that the repayment of the loans due to me will not be taxable in the UK, even after I am resident in the UK. Is this correct?
Posted Tue, 05 Nov 2024 12:19:23 GMT by HMRC Admin 19 Response
Hi,
We can only provide general information and guidance in this forum. For an answer to a detailed question of this nature, you would need to contact our Self Assesment team for advice or consider seeking professional advice.
Self Assessment: general enquiries
Thank you.

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