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Posted Fri, 22 Mar 2024 14:18:49 GMT by a_s1302
Hi, starting next tax year 24-25 I should be considered a resident. As i have citisenship for the UK and have just moved here from Australia and will be staying for a few years. I am no longer working or earning anything in Australia but want to transfer my savings from my AU bank account to my UK one. Will I be taxed on this/be considered foreign income? Or since its my savings, and ive paid AU tax on it already, and I earnt it while I was a non resident in the UK can I simply transfer it? I currently dont have a NIN or employed currently. However im still an Australian resident for tax purposes.
Posted Tue, 26 Mar 2024 12:25:54 GMT by HMRC Admin 21 Response
Hi a_s1302,
As long as your savings were earned while not resident in the UK, they will be treated as capital and will not be subject to any tax, when transferred to the UK.
Thank you.

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