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Posted Wed, 21 Jun 2023 15:54:41 GMT by HMRC Admin 32 Response
Hi antonioscotti,

No. The gifted money is not taxable. However, if it generates interest or dividends.These would then potentially be subject to tax.

Further guidance can be found here.

Tax on savings interest

Tax on dividends

Thank you.
Posted Wed, 21 Jun 2023 23:43:54 GMT by
Hi, I used to be resident in the US. When I relinquished my US residents permit I withdrew my two personal IRA’s and transferred the money to the UK. 30% US withholding tax was deducted. Reading through other posts it appears I do not have to pay UK tax as this was personal money but just wanted to confirm that is correct. Many thanks
Posted Thu, 22 Jun 2023 10:14:11 GMT by
Hi there, I am a British Citizen currently outside UK since 2015 . I am working as a partner in a US based business and currently managing their back office from Pakistan. In the last two years as per my share in the business, profit has incurred which is currently in our main company account in US. I want to move back to UK in next few months and want to buy a house for my living. I need to transfer my profit share from US to UK in my UK bank account. Please advise if this amount will be taxable in UK . Keep in mind the taxes on dividends will be paid as per US law in US at the time of withdrawing from US. Regards, T
Posted Thu, 22 Jun 2023 11:20:38 GMT by HMRC Admin 5 Response
Hi Fleety95

We do not reply by email or issue receipts.  
You will need to contact our self assessment webchat team, to progress chase your request. 
Self Assessment: general enquiries.  
Our telephone line is closed until September.

Thank you
Posted Thu, 22 Jun 2023 13:01:20 GMT by HMRC Admin 32 Response
Hi Aird,

Yes. You will then only need to declare any interest or dividends that the capital then generates.

Thank you.
Posted Fri, 23 Jun 2023 16:12:53 GMT by HMRC Admin 25 Response
Hi Joey Zhou,
RDRM34240 - Remittance basis: sales of exempt property (ITA07/s809YA) can be found here:
RDRM34240 - Remittance basis: sales of exempt property (ITA07/s809YA)
Thank you. 

 
Posted Sat, 24 Jun 2023 07:03:22 GMT by
Hello. I am a British citizen but not living in UK. I will never return and am a tax payer in Switzerland. I want to give my UK resident daughter 300k gbp so she can buy a house. Do either of us pay tax in the UK on this money transfer? There is no gift tax in Switzerland. Thank you
Posted Mon, 26 Jun 2023 11:34:25 GMT by
I am a British citizen and living overseas. I will travel to London this summer. Would like to ask if I am allowed to bring a banker's draft of about £20000 to deposit to a uk bank account under my name?
Posted Mon, 26 Jun 2023 15:11:24 GMT by
Hi there, I am looking to transfer a large sum of money that was held in a life assurance policy and has now matured. The cash is in an account in France and I want to transfer the balance to the UK. The investment was from the sale of my only residence in France. I am now back in the UK and I am a UK citizen. I understand that I am due to pay tax on the interest only. I have several forms to fill out and I have no idea how to go about this as I also need an HMRC proof of residency stamp. The forms I need to complete are French - "5002-SD", "5000-SD" and "Bordereau Predissime 9". Could you provide me with some advice as to how I can get my forms completed and receive the appropriate stamp. I don't seem to be able to reach anyone at HMRC. Many thanks.
Posted Tue, 27 Jun 2023 13:56:51 GMT by HMRC Admin 5 Response
Hi Lancslass,

As a UK resident, it is only foreign income and capital gains arising the tax year, that would be taxable.  
If you were still a US resident when you withdrew the funds, they would not be taxable in the UK and there would be no tax from transferring the money to the UK.

Thank you
Posted Tue, 27 Jun 2023 14:46:22 GMT by HMRC Admin 5 Response
Hi T Khan

Income arising in a tax year that you are not resident in the UK, woud not be taxable in the UK, even if it was transferred to the UK in a later tax year.  
Only income both foreign and domestic, arising in a tax year that you are resident in the UK would be taxable in the UK.
For example if your foreign income from 2021/22 is in your bank account and you were not UK resident in that tax year and you bring it to the UK in 2023/24, it is savings and not income, so would not be taxable in the UK.

Thank you
 
Posted Thu, 29 Jun 2023 07:45:40 GMT by HMRC Admin 20 Response
Hi CHUK10,

There are no income tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.  
Further guidance can be found here Tax on savings interest and Tax on dividends.  

Thank you.
Posted Thu, 29 Jun 2023 08:39:02 GMT by
Good morning, I'm a British Expat and will be moving back to the UK, after a period of over 10 years abroad. I will be moving back to the UK in August 2024. I'm just trying to get my finances in order before my move back to the UK and It would be great if a few queries I have could be answered. 1. All of my current savings are derived from my employment income and savings interest accrued from offshore bank accounts. Would i need to close all of my international bank accounts before i move back to the UK? Does keeping these accounts open prior to either the start of the 2024 Tax year (April 6th) OR my arrival back in the UK (August 2024) have any tax implications? Ideally, I would like to keep my accounts open, right before my arrival back to the UK, primarily because I will be getting my salary paid into one of them, and I am also wary of the timings as far as fluctuations in foreign exchange currency rates are concerned. 2. Are there any income tax implications for when the money is transferred from my international bank accounts to my UK bank account? 3. Further to my second point, my understanding is that any income/savings I transfer to my UK bank account from April 6th 2024 would be open to income tax implications due to the fact that I would become resident in the UK from August 2024, as a result of the way the tax year residency criteria works in the UK. I would therefore be classed as a UK resident for tax purposes for the year 2024-25, even though I physically would have arrived back in the UK in August. Is this correct? 4. I will have no choice but to transfer a proportion of my savings/income to my UK bank account until I've received my final salary next summer. In the event that these savings are subject to UK tax, would it then be correct to say that I can apply to HMRC for split year treatment? Would it then be a case of HMRC looking at my actual arrival back to the UK (August 2024) and understanding that the monies I have transferred back to the UK between April 6th 2024- August 2024 have all been obtained from my time working abroad, and therefore being exempt from income tax implications? How would this be evidenced if at all, if the accounts have been closed prior to my arrival back to the UK? Do i need to notify HMRC before i make these transfers from April 6th 2024 or would i hear from them automatically? Thank you in advance for your support in addressing these queries. I look forward to hearing from you. Thank you.
Posted Thu, 29 Jun 2023 11:59:22 GMT by HMRC Admin 5 Response
Hi Justin Somerville-Cotton

Please forward the forms mentioned (with a brief covering letter confirming your UTR and National Insurance number) to the following address:                                                                                                  
Pay As You Earn and Self Assessment
HM Revenue and Customs
BX9 1AS
United Kingdom
On receipt, we will sign, date and stamp the forms before returning them to you.        

Thank you                                             
Posted Thu, 29 Jun 2023 15:21:15 GMT by HMRC Admin 20 Response
Hi Em Ho,

Please refer to Take cash in and out of the UK

Thank you.
Posted Fri, 30 Jun 2023 07:18:50 GMT by
Hi! I am UK permanent resident. I have sent money back home for saving purposes in last 4-5 years (almost 130K GBP) . I have already paid taxes on this amount in UK and now I want to bring it back. I haven't used it in business or anything. I have got all the record of money sent from UK. When I bring that money back, do I  need to pay any tax on it? Kind Regards
Posted Thu, 06 Jul 2023 06:53:14 GMT by HMRC Admin 20 Response
Hi HT2023,

Firstly, please note that there is no restriction on the right of UK residents to have offshore or overseas bank accounts.
You therefore do not have to close your existing bank accounts before you move to the UK.
HMRC requires UK residents to declare any interest arising from overseas or offshore bank accounts, but the transfer of monies from an overseas (or offshore)
bank account to the UK has no income tax implications, unless interest or dividends are generated when the monies are lodged in a UK bank account.
As regards split year treatment,detailed guidance is provide at: RDRM12030 - Residence: The SRT: Split year treatment: When will split year treatment apply

Thank you
Posted Thu, 06 Jul 2023 11:42:32 GMT by HMRC Admin 20 Response
Hi Dr Malik,

You will not pay anything on the actual capital that you transfer but you will need to declare any interest or dividends that this then generates.

Thank you.
Posted Mon, 10 Jul 2023 20:19:38 GMT by
The blog post "Transferring personal money to UK" offers valuable guidance for individuals seeking to transfer their personal funds to the United Kingdom. It provides practical tips and insights to navigate the process efficiently. For those interested in exploring alternative financial avenues, such as cryptocurrency, check out this informative article on how to make money with cryptocurrency: https://icoholder.com/blog/how-to-make-money-with-cryptocurrency/. It's a great resource for expanding your financial horizons while ensuring smooth money transfers to the UK.
Posted Mon, 10 Jul 2023 20:20:06 GMT by
The blog post "Transferring personal money to UK" offers valuable guidance for individuals seeking to transfer their personal funds to the United Kingdom. It provides practical tips and insights to navigate the process efficiently. For those interested in exploring alternative financial avenues, such as cryptocurrency, check out this informative article on how to make money with cryptocurrency: https://icoholder.com/blog/how-to-make-money-with-cryptocurrency/. It's a great resource for expanding your financial horizons while ensuring smooth money transfers to the UK.

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