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Posted Sun, 10 Nov 2024 04:16:03 GMT by Idanab
Hello I recently moved to the UK and have been a tax resident here for the past six months. I have savings from prior employment outside the UK that accrued interest over several years before my arrival. I’m planning to transfer these funds to my UK bank account, but I’m unsure about the tax implications. Could you clarify: 1. Will I only be liable for UK tax on the interest that accrued during the last six months, or do I need to consider interest from prior years as well? 2. Are there any specific reporting requirements at the time of transfer or should this be reported as part of the yearly tax reporting? Thank you!
Posted Wed, 13 Nov 2024 14:46:37 GMT by HMRC Admin 20 Response
Hi,
As you were not a UK resident when you accrued your savings, they are not taxable in the UK.  
Thre are no tax implications on transfering your capital to the UK.  
You would be liable to tax on any interst your savings generate.
Thank you.

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