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Posted Sun, 18 Jun 2023 08:41:27 GMT by Nin Ping Sunny Paul Suen
Greetings to the HMRC forum. Suppose I am holding an offshore investment fund that is yet to pay out, e.g. a pension fund or a life insurance savings plan. As a non-domiciled UK tax resident, can I declare it as a clean capital so that when the fund pays out in future, I can remit it partially or wholly to the UK with any tax consequences? Many thanks for your advice in advance.
Posted Thu, 22 Jun 2023 13:05:58 GMT by HMRC Admin 32

We cannot comment on scenarios. The transfer of a foreign currency to UK pounds sterling does not attract a capital gain or loss. The conversion of the pounds sterling to another foreign currency, does not attract a gain or loss. Converting that exchange back to pounds sterling can incur a capital gain or loss, unless the conversion was for personal use such as currency for a holiday.

Thank you.

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