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Posted Wed, 02 Nov 2022 22:42:37 GMT by Adrian M
I'm in the following situation. Let say I invested £10,000 in 2020, locked for 2 years (via a crowdfunding platform) I relocated to the UK in 2021. The funds are released in 2022, and made a £2,500 worth of profit Two questions: (a) Do I need to pay an income tax if I don't bring the funds back to the UK? (b) Do I need to pay an income tax if I want to transfer the whole amount, £12,500, back to the UK? Thanks,
Posted Tue, 08 Nov 2022 12:21:05 GMT by HMRC Admin 32
Hi,

Sorry, we are unable to reply to hypothetical scenarios.

Thank you.
Posted Tue, 08 Nov 2022 12:46:28 GMT by Adrian M
I understand. I worked out the numbers and these are the facts: (a) I invested 20,000 euros in November 2020 (loan on a crowdfunding platform), which equated to £18,012 at that time, into a 2-year plan (b) I moved to the UK in April 2021 (c) The funds vested have been returned this month (November 2022), plus some interests, for a net total of 23,018 euros, thus £20,076 As the funds are still in a segregated account managed by the lending platform, do I need to pay any tax on it?
Posted Fri, 11 Nov 2022 11:21:53 GMT by HMRC Admin 32
Hi,

We can only advise that interest arising from the investment would be taxable as investment income and any gains arising from the disposal would be subject to Capital Gains Tax.

Thank you.

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