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Posted Tue, 17 Dec 2024 03:42:56 GMT by Krishsangvi2007
I have started a job on a 1257L tax code since September 2024 and I am taxed through the PAYE system. However, I have savings in india from mutual funds, on which I have already paid capital gains tax in India, for this financial year (2024-2025). I have four questions- 1. When I am filing my tax returns in the UK, do I need to file my global earnings/savings from India even if these earnings are through a passive source of income and have already been taxed at 20% rate? 2. ⁠am I on the correct tax code given that I have two sources of income (one through salary in the Uk, second through passive earnings through mutual fund capital gains investments in India)? 3. ⁠do I need to file my yearly global savings and earnings only when I bring this money into the Uk? Or do I need to file it irrespective of whether I am accessing this money or not in the UK? 4. Should I file my Indian source of income on an accrual basis or remittance basis?
Posted Fri, 27 Dec 2024 13:21:04 GMT by HMRC Admin 32 Response
Hi,
  1. If UK resident and domicile you need to declare your worldwide income.   
  2. The code will be for your PAYE income only.   
  3. Depends on answer 1.   
  4. Depends on answer 1.
Thank you.

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