Transferring money from Overseas

Hi, I have been residing in UK from past 3 years and have some savings in India. Can I transfer those savings to my UK account? Would I need to declare it or would I have any tax implications on it?

Hi Santy19,

If the savings in India have been generating any interest, you should have already been declaring this income.
You can transfer the funds to the UK and there is no tax to pay on the actual capital transferred but you will be liable to income tax on any interest/dividends that it generates.

Thank you.

Hello, I have a similar question. However, my savings were earned and taxed in Singapore (between 2013 and 2016) and saved in an Indian account from 2015/16 onwards. Since these were overseas earnings and I've not been residing in India the savings and interest earned on it is exempt from tax in India. I now need to transfer some of the money to my UK bank account for expenses. I currently reside and pay tax in the UK on income earned but I'm not a citizen. Will I need to declare the money transferred from my Indian account to the UK and will I be taxed? If so, how do I go about with declaring it?

Hi Cpereira5,

Please refer to guidance at Remittance basis 2022 (HS264)

Thank you.