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Posted Wed, 01 Jun 2022 13:24:25 GMT by GreenLetters
Hi, I'm a Hungarian citizen, and UK tax resident. I have some savings in Hungary. These include government bonds, cash, and property. I have no income in Hungary, only in the UK. 1, Do I need to fill out self-assessment for interests I get from government bonds? What if this is less than £2000 (combined with my interests in the UK). There is a double-taxation treaty between the two countries which states interest should be taxed in Hungary in this case (if I understood correctly; https://www.gov.uk/government/publications/hungary-tax-treaties). Do I still need to fill out self-assessment in this case? 2, Let's say I move all my savings to the UK. I believe I don't have to report this since this is just capital abroad. Is this correct? 3, I plan to sell my property abroad. I bought this before I become UK resident. I had no relations with the UK at that time. Do I need to pay any tax on this when I move this money to the UK? Thanks
Posted Wed, 01 Jun 2022 17:53:50 GMT by GreenLetters
Just to clarify point 2: I previously exchanged my savings taxed in the UK and moved it to Hungary. I haven’t earned any interest on these, or the interest earned was reported and taxed in the UK according to the rules. Now I would like to send back the original savings back to the UK.
Posted Mon, 06 Jun 2022 13:06:58 GMT by HMRC Admin 2
Hi,

There are no tax implications on sending the capital to the UK.  However you may pay tax on the interest accrued in the UK bank account.  

You can find guidance on selling a propety abroad here:

Tax when you sell property

Thank you.
Posted Mon, 06 Jun 2022 14:22:33 GMT by HMRC Admin 2
Hi,

There are no tax implications when transfering capital to your UK bank account, only on any interest you may accrue. 

Thank you.

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