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Posted Sun, 18 Feb 2024 21:34:51 GMT by San CA
I became a tax resident of UK in April 2022 and have filed as a non dom for the year 2022-2023. I will be filing as a non domiciled tax payer. I intend to transfer some funds from my foreign account to my UK account to buy a house. I understand that assets owned by me prior to April 2022 (when I moved to the UK) can be transferred to the UK without any tax implications. However my situation is a bit unique. I had fixed deposits in my foreign account which I opened in June 2019 (prior to moving to UK). These FDs matured in June 2022 ( after becoming a tax resident in the UK), I used the same principle to open a new FD account in June 2022 which will mature now in Feb 2024. Will I have any tax liability as a non domiciled tax payer if I transfer only the original principle from 2019? I will not be transferring any of the interest earned since 2019 but only the principle amount that I had in 2019. If I am allowed to transfer the principle only, what documents do I need to maintain? Will bank account statements from 2019 be good enough? Thanks
Posted Wed, 21 Feb 2024 09:02:59 GMT by HMRC Admin 19 Response
Hi,

You can see guidance here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Bank statements would be allowable evidence.

Thank you.

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