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Posted Thu, 07 Dec 2023 13:07:43 GMT by
I have got current bank accounts in my home country, which I saved over many years of my work before arriving in the UK, they also include financial gifts of my parents . I have also saved some money in UK since my arrival . I an planning to raise my money together (the money from my country and the money earned in UK) and purchase my first housing in the UK. Please, advise me, should I pay the tax on money transferred from my home country to UK? I can only withdraw money through ATM and top up my current UK bank account because bank transfers from my home country are now prohibited and there are no other options to transfer money to UK. It costs me big losses, but it also scares me that I may need to pay a tax on my transferred money. In such a way a half of the money will be lost. Having read the answers on the forum, I hope that I should pay a tax only if I earn interest from a deposit from the transferred money, however, I want to clarify for myself. Thank you in advance!
Posted Mon, 11 Dec 2023 15:43:42 GMT by HMRC Admin 18 Response
Hi,

The transfer of funds from an overseas bank account to a UK bank account would have no income tax implications, but any interest or dividends may be taxable. See link below:

Tax on savings and investments: detailed information

Thank you.
Posted Tue, 12 Dec 2023 13:36:51 GMT by
Hi ,I with husband was new Immigrant to UK we have few questions about the self assessment we would to ask We moved to UK from 26 February 2022 ,and we before came we have rent the property at UK ,so would like to ask in 2021/2022 are we count as tax resident? Do we need apply the split year treatment? And we had capital transfer to UK at May and June 2023 do we need to do the self assessment for the current tax year ? Thank you
Posted Wed, 13 Dec 2023 11:03:24 GMT by John Ismail
Hello, I am Tier 1 visa holder and arrived in august 2023. I have funds back in my home country which I made by doing business in the past and paid all taxes. Every month I make 10 000 GBP Own Funds Transfer via SWIFT from my oversea bank account to my UK bank account. 1. Should I pay any taxes on this amount or report to HMRC? 2. Are this transfers considered as cash gifts?
Posted Sat, 16 Dec 2023 11:22:55 GMT by
Hi Team, Moved to UK as student last year , finished my studies and recently got a job. 1) Worked in different country and have same savings there (before coming to UK), can I transfer all of them? Any tax for that money? 2) Have properties and other money back in my home country on my name and my wife's name. Can I also bring them? Any tax we need to pay? Any limit on the max amount?
Posted Sat, 16 Dec 2023 12:45:10 GMT by
Dear [UK Department], I hope this message finds you well. I am writing to seek clarification on my current tax situation and determine whether it falls under the SA109, Domicile, or Remittance Basis. Situation Overview: I am currently residing in the UK under the British Overseas Visas, and I am fulfilling my tax obligations as a tax resident, similar to a UK citizen. However, I receive an annual insurance dividend income from my country of origin. Specific Inquiry: Considering the described scenario, I would like to inquire about the appropriate tax form or basis that applies to my situation. Should I be submitting through the SA109 form, or does the Domicile or Remittance Basis apply? Additionally, I am interested in understanding if there are any exceptions or specific considerations based on the nature of the insurance dividend income (over £2,000) from my origin country. Additional Information: I am aware of the general purpose of the SA109 form, and I want to ensure that my tax filing aligns correctly with my current circumstances. Any guidance or resources you could provide to facilitate a clear understanding of my tax obligations in this context would be greatly appreciated. I appreciate your time and assistance in clarifying this matter. If there are specific documents or guidelines I should refer to, please kindly direct me to them. Thank you for your attention to this inquiry, and I look forward to your prompt response. Best regards,
Posted Mon, 18 Dec 2023 13:47:08 GMT by
Hello, We have £140,000 in a bank in New Zealand from selling our home 1.5years ago. We are UK citizens but lived in NZ from 2014-2023. Will we be taxed if we moved the money into the UK?
Posted Mon, 18 Dec 2023 16:19:19 GMT by HMRC Admin 19 Response
Hi Cao,

We cannot answer this question for you, you need to answer it yourself by reviewing the guidance on residence and take the statutory residence tests to determine if you are tax resident for the whole tax year or not tax resident for the whole tax year.  

RDR3 Statutory Residence Test

Only then can you consider if the rules for split year treatment can be applied. If this is something that you feel that you cannot do, then you may need to consider engaging the services of a financial adviser.

Thank you.
Posted Mon, 18 Dec 2023 22:08:58 GMT by
Hi, I am a BN(O) visa holder and have lived in the UK for about 5 months now. I have been employed full time and paying tax and NI for nearly 2 months and renting a room privately. Do I need to pay tax for either of the situations outlined below: 1. If family transfer money from a Hong Kong bank account to my UK bank account (and is there a limit on how much)? 2. If I transfer money from my own Hong Kong bank account to my UK bank account (and is there a limit on how much)?
Posted Tue, 19 Dec 2023 11:06:12 GMT by HMRC Admin 32 Response
Hi John,

Transferring your own money is not considered a cash gift. If the moeny in the overseas account was earned when in tax years you were not resident in the UK, then the money in the account is considered capital and is not taxable when transferred to the UK. If the money was earned when resident in the UK, then it is taxable in the UK.

Thank you.
Posted Tue, 19 Dec 2023 17:31:20 GMT by HMRC Admin 10 Response
Hi
You will not be taxed on the transfer of the capital.
Any interest or dividends that this capital creates is taxable income whether earned in New Zealand or the UK.
Posted Wed, 20 Dec 2023 01:52:10 GMT by
Hello, I became a UK resident over 15 yrs ago, and 10+ yrs prior to that, my father made me and my siblings part owners of the house he built in my home country. Following his passing-away 2 yrs ago, we have found a buyer for the house and plan split the proceeds as per our share in the house. There are extremely strict foreign exchange outflow restrictions from my country of birth. Therefore I managed to negotiate for my share to be paid in regions where the buyer owns businesses - Singapore or Dubai, so I can easily transfer my share to the UK. My intention is to open an account to receive the funds in one of those locations (and following the local bank's CRS regime requirements with my UK details). My questions are: 1. I assume I will not be taxed on the capital when I transfer the full amount to the UK? (I understand any interest gained is taxable). 2. When transferring funds to the UK, do the funds need to originate from the country where the asset was sold? 3. For any UK tax/declaration purposes, do I need to ensure source of funds received in S'pore or Dubai is from the buyer stated in the house sale? And not a business that may or not be linked to him - I will have no way to verify. Thanks in advance for your guidance.
Posted Wed, 20 Dec 2023 15:41:04 GMT by HMRC Admin 5 Response
Hi venkat.lwapp Kambarajan

Please refer to guidance at Tax on foreign income and
Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you
Posted Wed, 20 Dec 2023 15:44:38 GMT by HMRC Admin 5 Response
Hi HKabc202320242025

HMRC cannot advise you on your residence status and as such you have to decide if you are claiming the remittance basis or not.
Further guidance is at Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you
 
Posted Fri, 22 Dec 2023 02:46:28 GMT by
Dear HMRC Admin, I'm scheduled to start work in UK on a skilled visa on Jan 30. Will move there with family and kids. I am EU citizen with no prior ties with UK and no work history there. In anticipation of future costs and maybe buying a house when I have the chance, I would like to transfer £300,000 from a salary offshore account to my bank account in UK within the first 1-2 weeks after my arrival. I then later plan to claim remittance basis for any future transfers into UK when first Self Assessment form is due ( Apr 6th ) Re: those £300k, I am hoping to be considered non-resident and non-dom for that period and, since amounts transferred are previous salary obtained prior to arrival to UK, to not need to pay any tax ? Would you be so kind to tell me if I need to pay any tax on those initial £300,000 ? Much appreciated!
Posted Fri, 22 Dec 2023 13:24:39 GMT by HMRC Admin 32 Response
Hi travelwong,
  1. If this is a cash gift, no.
  2. Possibly at it depends in whether you are using the remittance basis or not.
Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Sun, 24 Dec 2023 15:53:40 GMT by
Hi There Marry Christmas to you all, I will be moving to live in the UK by January 2024 from UAE (however I am Egyptian) I would like to transfer my saving (from my salary for the last 4 years in the UAE), is it subjected to any tax fees? or it will be received as it is? it is around 45 k GBP
Posted Wed, 27 Dec 2023 10:40:10 GMT by HMRC Admin 21 Response
Hello Asle,
As UK resident, you need to declare the gain in the UK. if any tax has been paid overseas on the sale, you can claim this as foreign tax credit relief - Tax when you sell property.
Thank you.
Posted Fri, 05 Jan 2024 09:51:28 GMT by HMRC Admin 25 Response
Hi undenuicap,
The first thing you would need to do is determine your residency status in the 2023 to 2024 tax year.
You can do this by reviewing the guidance here:
RDR3 Statutory Residence Test
Please take the statutory residence tests.
Depending on the outcome, you may need to consider split year treatment.
This will help you to determine what you will need to declare.
Any foreign income that derives from tax years in which you were not resident in the UK, are not taxable in the UK, so svaings from those earnings, will be classed as capital and will not be taxable.
Any foreign income arising while you are resident in the UK, will be taxable in the UK.
Please have a look at the guidance at section 9 of RDR1, which will provide advice on the pros and cons of the remittance basis.
Residence, domicile and the remittance basis: RDR1
Thank you. 
 
Posted Mon, 08 Jan 2024 09:26:10 GMT by HMRC Admin 19 Response
Hi Akram,

There will not be any tax on the capital that you transfer but you will be liable to tax on any interest or dividends that this then generates.

Thank you.

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