Transferring personal money to UK

Dear HMRC team, I was born in Kazakhstan worked there until recently. As part of wealth management programme I was offered by my bank to open USD-denominated account in the UK bank in 2016. Whilst working and living in Kazakhstan I was trasferired part of my savings to this account since 2016. In May 2022 I was offered a job in the UK and moved in September. By then I have accumulated $300k on this UK account. Shall I pay any tax on it (apart from tax on interest) as part of 2022/23 tax year? Also after moving to the UK I transferred $50k to this account and then used it to pay for property in UAE - is it considered remitted to the UK or not given this was not used in the UK? Thanks in advance for your help.

Hi, I recently came to UK on 5-years skilled worker visa. I worked in Bahrain for 18 years before that and have saved up some money over the years (from employment/salary and investments in funds). I have redeemed all my investments before landing in the UK. My question is that if I bring this money to UK, will it be taxed? And if there is any time limit to bring this money in? Also, what is the procedure and how do I declare it? Thanks.

Hi Samet Sahin,

You must declare cash of £10,000 or more to UK Customs. You can see guidance here:

Take cash in and out of the UK

Thank you.

I moved to Dubai and became a tax resident there for over 5 years. This also means I wasn’t a tax resident in the uk for over 5 years also. If I want to come back to uk with all my money and assets I’ve accumulated whilst in Dubai, will I have to pay any form of tax on this?

Hi,

The transfer of funds from an overseas bank account to a UK account would have no Income Tax implications, but any interest or dividends generated may be taxable. You can see guidance here:                                                 

Tax on savings and investments: detailed information

Thank you.

Hi HMRC, I have some savings in my home country before moving to the UK 20+ years ago. The savings are earned from work I did in my home country before moving to the UK. The sum is under £100k. The money kept in a bank account in my home country. How do I transfer this to my bank account in the UK and will I have any reporting or tax obligations if I bring those savings to the UK? Note: I am currently working in the UK. Many thanks

Hi Naweed Akram Mugh,

The transfer of funds from an overseas bank account to a UK bank account would have no income tax implications.
However any interest or dividends generated may be taxable.                
Tax on savings and investments: detailed information

Thank you.

Hi Lachlan Horner,
There are no tax implications on any capital transferred but you will need to declare any interest or dividends that it generates.
 Please contact the Customs helpline on
0300 322 9434 regarding the transfer of assets.
Thank you. 

 

Hi jlam32,
The transfer of funds from an overseas bank account to a UK account would have no income tax implications, but any interest or dividends generated may be taxable.  
Tax on savings and investments: detailed information
Thank you. 
 

How much capital gains tax would I pay in England if I made 1 million GBP in a tax year through cryptocurrency

Hi Lachlan Horner,
This depends on other income that you receive to see if any of the 10% band is available - please refer to Capital Gains Tax rates and allowances Rates for Capital Gains Tax
Thank you.

Hi. I a property I shared with my family in my home country is sold, can I bring my share of the money to the UK without taxes? Thank you.

Hi, I am planning to buy a property in UK and would like to transfer money from my overseas account (India). The sum is around £150k. The money is kept in a bank account in my home country.

Hi Jose Arguedas,
If you were a part owner of the property then no as this is a capital gain and you need to report it -
Capital Gains Tax: what you pay it on, rates and allowances
Thank you.

Hi
The actual capital would not be liable to tax.
However, any interest generated is classed as taxable income and this applies also to any interest earned while the funds are in India.

Hi I live and work in the UK and tax domiciled . However my wife and son is not in UK and not domciled altough they have residency and work permit. They have not stayed in the UK more than 60 days in the last year. My wife has saving in Turkish Bank account and want to transfer her funds to the UK. a) Does she have to submit a remittance basis or report to his transfer in any for m to HMRC 2) is there any tax for this ?

Is the guidance provided in this forum legally binding HMRC ?

Hi
We only give out general advice in this forum.  
You would need to consider seeking out professional advice, if you disagree with our replies.  
If the money in the Turkish bank account was generated from income in a tax year that your wife was not resident in the UK, then it would not be taxable if tranferred to the UK.  
Any interest the savings generate in the UK, will be subject to income tax.

Over the course of my employment, domiciled in the UK, but working for a US bank. I received US shares as part of my renumeration, which was taxed at source for UK income tax purposes. Over time (>10 years), I have sold these shares and reported CGT in the normal way, by converting to GBP at the prevailing rate. Dividend income and interest has been reported as usual. My question is; I have not physically converted the USD proceeds into GBP because I continue to make personal investments in USD. I therefore hold a USD cash balance in this account. Based on HMRC handbook CG78321 (see below), am I correct in my assumption that the physical conversion of this USD balance into GBP is considered a 'simple debt' and does not give rise to chargeable gains/losses. CG78321 - Foreign currency: foreign currency bank accounts - periods from 6 April 2012 From 6 April 2012 the treatment of foreign currency bank accounts was significantly simplified. From that date the treatment of foreign currency bank accounts for individuals, trustees and personal representatives (including members of a partnership) were aligned with the treatment of ‘simple debts’. ‘Simple debts’ will not give rise to chargeable gains (or allowable losses) in the hands of the original creditor. The changes made from 6 April 2012 do not apply to foreign currency for which the existing rules continue to apply see CG78300+. The changes to the treatment of foreign currency bank accounts from 6 April 2012 does not affect the tax treatment of any other type of currency-related asset, such as options, futures or other types of investment that are not foreign currency bank accounts.

Hi Geoff Craig,
Based on the information given, and assuming that the sales of shares, divs received etc have been returned as appropriate, and the relevant calculations for acquisition and disposal of the assets through the account have been made in sterling as per CG78310 - Foreign currency: assets acquired or sold for currency, then the actual holding of a personal foreign currency bank account would be treated as a simple debt in line with CG78321 - Foreign currency: foreign currency bank accounts - periods from 6 April 2012 and so the conversion of funds of this into sterling would not in itself give rise to a chargeable gain or loss.
Thank you.