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Posted Mon, 13 Jan 2025 16:04:55 GMT by David Sparkes
I am a UK citizen and resident, but I lived and worked in Switzerland from ~2010 to 2015. What are the tax implications of bringing any money that I saved while out there back into the UK to buy a home?
Posted Thu, 16 Jan 2025 11:58:05 GMT by HMRC Admin 20 Response
Hi Gonzalo NChaim,
There is no limit to the amount of money you can transfer from an overseas bank account to a UK bank account. 
If any of the money transferred is from income or capital gains arising in the tax year it is transferred, then that income and capital gains is taxable and should be reported on a Self Assessment tax return.  
If the money transferred is purely from savings, it is classed as capital and is not taxable 
If the income then generates interest or dividends, these would then potentially be subject to tax. 
Further guidance can be found here: 
Tax on savings interest 
Tax on savings interest
Tax on dividends 
Tax on dividends
Thank you.

 
Posted Mon, 20 Jan 2025 10:37:41 GMT by HMRC Admin 17 Response

Hi ,
 
Article 17 of the tax treaty between the UK and Australia 

2003 Australia-UK Double Taxation Convention - in force  )

does not mention lump sums. 

This means there is no tax relief available. 

If this lump sum was a trivial commutation lump sum or a lumps sum from your pension, then they are taxable not only in Australia,
but also the UK. 

When declaring the lump sum in your self assessment tax return, you will need to claim a foreign tax credit of up to
100% of the tax paid in Australia. 

This will ensure that you are not paying the same tax twice.

Thank you .
Posted Thu, 23 Jan 2025 15:13:50 GMT by HMRC Admin 20 Response
Hi YX,
Cash gifts are not taxable, as such it does not affect your personal allowance or savings allowance.  
You are correct.  
Please have a look at article 20 of the UK / china tax treaty
(UK/CHINA DOUBLE TAXATION AGREEMENT SIGNED 27 JUNE 2011  regarding the taxation of payments and
Tax on foreign income If you come to study in the UK for general information for foreign students.
Thank you.
Posted Wed, 29 Jan 2025 08:30:25 GMT by HMRC Admin 19 Response
Hi David Sparkes,
There are no tax implications for transferring savings to a UK bank account unless they generate interest or dividends. These would then potentially be subject to tax. You can see guidance here:
Tax on savings interest
Tax on dividends
Thank you.
 
Posted Tue, 04 Mar 2025 17:08:08 GMT by ROBERT LOCHHEAD
I was born in the Uk in 1943 and lived there until 1979, when I emigrated to the USA. Now I am retired and wish to spend more time in the UK but still have my primary residence in the USA. I am receiving social security from the USA. How long may I stay in the UK without being concerned about double taxation?
Posted Fri, 07 Mar 2025 11:44:23 GMT by HMRC Admin 21 Response
Hi ROBERT,
We cannot answer your question.  
You will need to review the guidance at RDR3 (RDR3 Statutory Residence Test.
The outcome of those tests will determine how many days you can remain in the UK and be Tax non resident for the whole tax year.
Thank you.
Posted Mon, 14 Apr 2025 10:08:40 GMT by Mohamed Naved
Hi, I had sent money to India from UK in 2008-2009 for buying a Flat. But i was unable to buy the flat and it has been left with the builders. I am now planning to bring it back. I don’t have any capital gains or any profit from it. Do i have to declare it to HMRC. Will there be any tax on it. I am a British Citizen resident in UK.
Posted Mon, 14 Apr 2025 17:06:18 GMT by Kms899
I have similarity to other post, I have about GBP 50000, earned from hong kong, it is MPF, that is what it's called, similar to pension money, I intend to carry it through customs at Manchester airport, but declare in online on the web, so this money is already taxed, When carry through Manchester airport will it be taxed, I and a british citizenship holding a british BN passport.
Posted Thu, 17 Apr 2025 12:10:01 GMT by HMRC Admin 20 Response
Hi Mohamed Naved,
Please have a look at the guidance at CG78300 onwards CG78300 - Foreign currency: introduction as there could be a capital gain or an allowable loss,
when converting the capital sent to India, back into pounds sterling.
Thank you.
Posted Wed, 23 Apr 2025 10:34:03 GMT by HMRC Admin 21 Response
Hi Kms899,
This is not taxable in the UK.
Thank you.
Posted Sun, 11 May 2025 11:52:06 GMT by ajoy1_k
Hi, I am working in UK as a skilled worker since last 3 years. I want to transfer money i got when i withdrew my Provident Fund balance in India. I have no income anywhere outside of UK. This provident fund of India was accumulated before I moved to UK, though I only withdrew it this year. I want to bring the money to UK to fund my daughter's education. Will this money be taxed if i transfer it to my UK bank account?
Posted Tue, 13 May 2025 09:20:08 GMT by HMRC Admin 19 Response
Hi ajoy1_k,
The actual capital will not, but any interest or dividends it generates maybe subject to Income Tax.
Tax on savings interest
Tax on dividends
Thank you.
Posted Fri, 16 May 2025 09:17:05 GMT by Emma0209
Good morning, I have a similar question. I just moved to the UK from France with global talent visa. I have some money accumulated from my previous job, which was already taxed in France. It is just personal savings so it does not generate interest or anything. I want to transfer the money to my UK bank account for personal use. Is it ok for me to do that? Will it be taxed again? I checked on the website, and the money is from the previous tax year, when I was not a UK resident, so it shouldn't be taxed again. But just to be sure. Thank you in advance.
Posted Mon, 19 May 2025 12:53:04 GMT by Hoi Ka Leung
Hi, I would to ask if there is any tax implication if I transferred money to UK from my home country and the money is borrow from Bank. The money is for purchase my first home in UK or invest to a business. Please advice. Thank you!
Posted Tue, 20 May 2025 07:53:31 GMT by HMRC Admin 17 Response

Hi ,
 
Please refer to :

Paying tax on the remittance basis (Self Assessment helpsheet HS264)  .


Thank you .
Posted Tue, 20 May 2025 21:34:25 GMT by kms108 Lai
I have previously work in hong kong, i will be returning back to uk, I'm a uk citizen, I will be bring back 50K, this money is MPF, sort of like pension money, and has been taxed in hong kong, will it need to taxed if this money is brought back to uk through the uk customs, I know any money over gbp10000 will need to be declared. Thanks
Posted Wed, 21 May 2025 10:38:59 GMT by HMRC Admin 25 Response
Hi kms108 Lai,
If you were not UK tax resident in the tax years in which this money was taxed in Hong Kong, then it is capital and is not taxable in the UK.
If you were UK tax resident, then you will need to review the tax treaty for the article that covers this source of income.
This will allow you to determine if the income is taxable.
UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL
Thank you. 

 
Posted Thu, 22 May 2025 08:00:22 GMT by HMRC Admin 20 Response
Hi Hoi Ka Leung
There is no implication on the actual transfer but if this then generates any other source of income for you, this should be declared as taxable income.
Thank you.
Posted Fri, 23 May 2025 12:37:36 GMT by E H
Hi, my brother (Polish national, living in Poland) is going to send me a cash gift. I will open a Polish bank account to receive it. I live in the UK and pay taxes here, and I want to transfer this gift money immediately from the Polish bank account to my English bank account. Do I need to declare the money or pay any tax on it in the UK? Thank you.

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