Remittance Basis

An individual changes status from UK resident non-domiciled to UK resident ordinarily resident. During the first period invested money abroad under the remittance basis. Once he is ordinarily resident he can no longer use the remittance basis. What rules or taxes apply if he brings money back to the UK now?

Hi,

If you are referring to the transfer of funds from an overseas bank account to a UK bank account, such transactions are not in themselves liable to Income Tax. Any interest or dividends generated may however be taxable.                                        

Tax on savings interest

Thank you.