Cash Clean Capital

Hi, I possess approximately £10,000 in cash, which I withdrew monthly (i.e., £1,000) from my bank account in Hong Kong and now intend to transfer to the UK, would this money still be categorized as clean capital? And do I need to pay tax on it? Thanks

Hi,

You can use the following guidance to help you decide if the monies in the account are clean capital.

Cleansing mixed funds

Thank you.

Hi Admin, Thanks for your reply. I might forgot to mention that the withdrawal is done before I arrived UK, so the case is before I came to UK, I withdrew around £1000 monthly from my bank account, and it is approximately £10000 in cash currently, and if I now intend to transfer it to the UK, would this money still be categorized as clean capital? And do I need to pay tax on it? Thanks

Hi cck123,
Generally speaking, when you are transferring your own existing assets to yourself (repatriation of funds or assets), there are no tax implications of transferring money to the UK.
Only any interest that this capital generates is then taxable.
It is your responsibility to determine if the monies in the account are clean capital and you can use the following guidance to help you decide.
Cleansing mixed funds
Thank you.