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Posted Wed, 19 Oct 2022 02:04:43 GMT by Andrew Tan
Hi, I am moving from Singapore to UK on work visa (1st time) on 1-Dec-2022. In Singapore pension bucket is called 'CPF', where both employee and employer contribute on monthly basis. No money will be added to this bucket once I move to UK (after 30-Nov-2022). There is a provision (renunciation the PR status and leaving the country) to access this money and transfer to a bank account of your choice. I have 2 questions: a Will I be able 
transfer this money to a UK account (without any UK tax liabilities) few months after I move to UK? b I understand that I will be liable for UK income-tax on any interest
 (made after 30-Nov) on the money in the bank account. Is that right? Please advice.
Posted Mon, 24 Oct 2022 12:29:32 GMT by HMRC Admin 10
Hi
There are no income tax implications re: the tranfer of money from an overseas bank account to a UK bank account.
However you are correct in saying that any interest (or dividends) generated by the money may be subject to UK income tax.                                        Tax on savings and investments: detailed information
Thankyou.
Regards.
Posted Fri, 24 Mar 2023 05:45:05 GMT by Sourabh Agarwal
Hi, I am moving from Singapore to UK on Skilled worker visa (5 yr) on 27th Apr'23 and my official job start date is 1st May'23. In Singapore, I will be paying exit tax on all my employment income, bonus and pension earned until 30th April'23(my last employment day in Singapore). My Singapore pension and final settlement amount will credit to my Singapore bank account couple of months after I move to UK. So I have few questions around this: 1. Will I be UK tax resident starting 1st May'23? 2.Will I be able to transfer my SGD savings (incl pension and final settlement) from Singapore bank account to UK bank account few months after I move to UK(lets say latest by July/Aug'23) without any UK income tax liabilities to be paid on this amount? 3. I understand as I will be relocating permanently (transfer of residence) to UK for work, my SGD income/savings on which I have paid tax in Singapore, can be treated as "Asset" and not "income" upto a certain time frame post my move to UK and hence no income tax is liable? Is this understanding correct? if yes then what is the time period (in months) post move to UK until which this is trated as asset and not income? Please advise. Thanks in advance.
Posted Tue, 28 Mar 2023 10:25:10 GMT by HMRC Admin 17

Hi,
 
You will need to review the guidance on residence, domicile and remittance at RDR1 and apply the tests are RDR3,
to determine your tax status and whether split year treatment applies to your circumstances. 

See link:

Residence, domicile and the remittance basis: RDR1     .

You will be treated as UK tax resident from the date you arrive in the UK. 

The guidance mentioned above, will determine if you are to be treated as tax resident for the full tax year or not .

Any non UK savings or non UK income arising before 6 April 2023, are not taxable in the UK. 

This money would be treated as an asset and not taxed. 

Any foreign income arising from 6 April 2023, may be subject to UK tax . 

Thank you.

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