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Posted 20 days ago by NKarina
If a Canadian citizen has been a resident of the UK for the last three years, and is currently on a spousal visa; They have no intention of leaving the UK as they're on the route to ILR and want to bring some Canadian savings over to the UK. These funds were saved in Canada in a tax sheltered TFSA, and invested. As an example say, they earned a total of $4,650CAD in Capital Gains on those savings from the date they moved to the UK until they cashed in on the investment account and now have their total savings in cash (including the $4,650CAD in Capital Gains) they want to transfer total savings+cap gains to the UK. In the case that all savings were earned prior to moving to the UK does an individual only have to declare to the HMRC the Capital Gains they're bringing over, and not the savings? What are the options for moving these funds to the UK? What are the possible fees associated with each option? Thank you!
Posted 11 days ago by HMRC Admin 19 Response
Hi,
You can see guidance here:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you
Posted 8 days ago by NKarina
Thank you. My understanding is that the remittance basis would not apply to this person as they do live permanently in the UK. They are a resident of the UK with no residence in their country of citizenship. What methods for declaring these foreign capital gains upon bringing them into the UK are available for this individual?
Posted 4 days ago by HMRC Admin 17 Response

Hi ,
 
If the remittance basis does not apply then they are liable on their worldwide income

whether it is brought to the uk or not .

Thank you .

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