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Posted Fri, 15 Mar 2024 14:19:52 GMT by AAus001 A
Hi, I moved from NZ to the UK around one month ago (on an ancestry visa) and am looking to get some advice on moving money into the UK. This is my first time living in the UK, previously I have lived and worked in NZ and Australia. During this time I have saved up some money and have been gifted some money, totalling around 400,000GBP. When I moved to the UK in February, this money was in a 6 month NZ term deposit account. This matured on March 13, where both the principal and interest went into the same account - making it a mixed account I believe? I am now looking to move the money, both principal (400k) and interest (around 8k) to my UK bank account and I have a few questions: 1) Will I be taxed on this money as it is technically a mixed account? If so, am I taxed on the 408k or just on the 8k? The 400k was earned well before my move to the UK. The term deposit was only current for around 4 weeks of me being here. 2) Can I claim capital gains annual exemption on this money? 3) If I choose to keep this money in NZ until another tax year through remittance, do I lose my tax free threshold should I choose to move it in a different year? 4) Will I still have to pay tax on the interest if it's been taxed in NZ and then brought in a different tax year? Thanks for your help!
Posted Thu, 21 Mar 2024 11:26:21 GMT by HMRC Admin 25
Hi AAus001 A,
Please refer to:
Remittance basis 2023 (HS264)
Thank you. 

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