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Posted Sun, 02 Oct 2022 12:34:50 GMT by CcAa
Hi, I have a savings in USD and HKD in my oversea savings account and it is a capital which already was my asset before I become as an UK tax resident. Now, I have become an UK tax resident and I want to convert this savings from USD/HKD into GBP on my oversea account and transfer it to my UK account to support my daily expense. As I exchange my existing savings capital (already in my oversea account before coming to the UK) for one time only to support my daily expense in the UK and I am not purchasing any assets or discharging any debt. Just currency exchange. The purpose of this exchange is not a capital gain purpose, it is not an investment. I do not need to declare and pay tax on the difference of the currency exchange from USD/HKD to GBP, am I correct? Thank you.
Posted Wed, 05 Oct 2022 12:18:01 GMT by HMRC Admin 19

That is correct, there is no gain so nothing to declare. You can see guidance here:

CG78320 - Foreign currency: foreign currency bank accounts - introduction

Thank you.

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