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Posted Wed, 15 May 2024 21:54:43 GMT by John Halsall
Hi HMRC Team I worked in the UAE for 11 years and was Non-Resident of the UK. Whilst overseas I paid into a Pension Scheme which is based in Jersey and I am now eligible to encash this Pension plan. I am now resident and working in the UK if I encash the Pension plan will this be subject to Tax?
Posted Mon, 20 May 2024 11:15:26 GMT by HMRC Admin 19 Response
Hi,

The tax treaty between the UK and Jersey can be found here:

Jersey: tax treaties

Article 17 covers pensions,  and advises that as you are resident in the UK, the pension is taxable only in the UK. You would need to contact the Jersey tax authorities to have your pension paid free of tax there.

Thank you.
Posted Mon, 20 May 2024 17:46:43 GMT by Tom Jame
Dear HMRC Admin, I am writing to seek clarification regarding the tax implications and the process involved in selling properties that I own outside the UK, specifically in Iraq, which I acquired before becoming a UK resident and citizen. I plan to sell these properties and bring the proceeds to the UK to purchase a house. Could you please provide information on the following: 1. Am I subject to any UK taxes on the sale of these properties in Iraq? If so, what is the applicable tax rate? 2.What is the proper procedure for bringing the proceeds from Iraq to the UK? Is it preferable to bring the funds via cash or bank transfer, and are there any specific guidelines or limits I should be aware of? I appreciate your assistance in this matter and look forward to your guidance on the steps I need to take to ensure compliance with UK tax regulations. Thank you for your time and support.
Posted Wed, 22 May 2024 13:05:42 GMT by HMRC Admin 10 Response
Hi
These are questions for the tax department of Iraq to answer and HMRC cannot advise you on how to transfer the funds.
Posted Sun, 30 Jun 2024 07:52:12 GMT by JithinJose2409
Dear Team, After moving to the UK on skilled work visa, I had brought my savings from india which was taxed in India. After bringing that money in the uk, I have put the money in savings account that has generated interest above my personal allowance. In this case how can I pay the tax on the earned income? As I am a PAYE employee, will the tax be cut as part of my salary by changing my tax code? Thanks.
Posted Wed, 03 Jul 2024 13:42:24 GMT by HMRC Admin 10 Response
Hi
You would declare the interest to HMRC in writing.  We would need the name of the bank account, the bank account number and sort code.  This will allow the bank to notify HMRC of the interest the account generates each year, so that it is included in your tax liability calculation.
Posted Wed, 03 Jul 2024 19:50:01 GMT by JithinJose2409
Hi HMRC Admin, Referring to your reply, may I know how to declare the interest to HMRC in writing? Kindly correct me if I’m wrong, I’ve read in this form that bank would notify HMRC and thereafter HMRC would cut the tax. Is my understanding wrong? Also, my bank has not provided the statement for interest yet to me. I am anticipating that the interest would exceed my personal allowance. Being a PAYE employee, in my 1.5 years of stay in the UK, I have never had need to fill the self assessment tax return and my interest would NOT exceed £10000. Kindly let me know thank you
Posted Mon, 08 Jul 2024 11:36:55 GMT by HMRC Admin 10 Response
Hi
You can report this in writing to
H.M Revenue and Custons
PAYE
BX9 1AS.
Or by contacting our webchat facility at Contact HMRC or phone the PAYE help line 0300 200 3300 and provide the name of bank or building society, sort code, account number, the untaxed interest amount and your individual share of untaxed interest from any joint accounts.  We can update your PAYE record, so that future details can be provided directly from the bank / buiding society.  A self assessment tax return would not be required where your interest is below £10000 and it is not required for any other reason.
Posted Fri, 09 Aug 2024 12:21:19 GMT by Narel Gimenes Ferreira
Hello, I was working and living in Malaysia. I moved to the UK and started working here in March. I'm a resident here now under a skilled visa. I have withdrawn my Malaysia Pension Fund that I gained while working there, and now I need to bring this money to the UK. I have a Foreign Demand Draft cheque in USD, and I would like to credit this foreign cheque into my UK bank account which is also in USD. Do I have to pay taxes in the UK over this money that I gained while working and living in Malaysia if I deposit this cheque in my UK bank account? Many thanks, Narel
Posted Sat, 10 Aug 2024 12:02:20 GMT by Musab
Hello, I recently closed my current account after leaving Dubai, as per UAE law, since I can no longer maintain a bank account without residency. I withdrew the funds in cash but was unable to transfer the money to the UK at the time. Now, I would like to bring the equivalent of approximately £50,000 + to the UK to help purchase my first home. This money has been in a current account for a few years, and all taxes have already been paid in the UAE. I would like to transfer and deposit this money directly into my UK bank account. Could you please advise if I will need to pay tax on this amount? Additionally, do I need to inform the bank or declare this transfer to the tax department? Many thanks.
Posted Mon, 12 Aug 2024 22:23:30 GMT by Joglenscowen Scowen
Hi, I am a recent resident in UK (but not domiciled in UK). I would like to clarify that no taxed is paid on sending my own savings (ie the capital) from overseas bank in my domicile country to my UK bank account (if these were all savings accrued prior to being a UK resident). I understand I will be taxed on any interest my savings generate overseas or in UK. Please confirm above.
Posted Thu, 15 Aug 2024 02:42:49 GMT by Laura
Hi, I am in a similar situation to some of the posts above. I am buying a house, my dad would like to send me about 45k as a gift to support me with my first home purchase. The money will come from his savings account in the US. Do I need to report this somewhere? Do I have to pay any taxes? I also have about 12k in Spain in a savings account. If I want to send it to my English account is it ok? Do I have to take anything into account tax wise? This was in a savings account with no gains. Thank you. Laura
Posted Fri, 16 Aug 2024 13:45:25 GMT by Deyah
Hello Admins, and thank you for the valuable information on this forum. I would like to state my case and related questions: I am non-UK and non-EU national, and had never been as a resident there. I recently acquired a Skilled Worker Visa (5Y) and shall be moving to UK/Britain (first time) in Sep'24. My questions relate to both tax and customs: 1) Since I am moving with my wife/son as dependents, I will be shipping some used personal items (clothes and toys mostly, plus a TV and a PC). I understand there is an "Application for transfer of residence relief (ToR1)" which I could use so that I can get a relief/waiver from paying custom duty for these items. However, my question would be: whether if the shipping company/agent can apply for this on my behalf (as it will be door-to-door) delivery ? and would shipping these to an address not in my name (but to a friend for the time being, as I don't have one now) would nullify this relief ? 2) As most stated here, I do have savings from my salary outside UK and whatever taxes/dues applicable have been done in my current residence country (expat here). I understand from all posts/replies above that transferring such amount will not be income taxable in UK, but rather only the interest/gains of such amount in UK bank later would be taxable. Please reconfirm. My question here would be: is there a time limit for me to transfer these funds after I arrive in UK ? Can I do that after few years for instance ? Reason is that there may be some time before all my dues are paid to me in my current residence country (end of service, loan, etc). 3) The same above question applies for any property I have acquired abroad (before I moved to UK). If I would sell such property in let's say 6 years (if and once I get ILR) and want to use that amount to buy a home in UK, would that be taxable ? As long as I can prove I have that property from before ?
Posted Tue, 20 Aug 2024 14:53:16 GMT by HMRC Admin 5 Response
Hi  Narel Gimenes Ferreira

Please refert to guidance at Remittance basis 2024 (HS264)

Thank you
Posted Wed, 21 Aug 2024 08:30:32 GMT by HMRC Admin 25 Response
Hi Musab,
This money arose in tax years that you were not tax resident in the UK.
For this reason, it is treated as capital and not income and is not taxable should you bring it to the UK.
Any interest that the capital generates will be taxable.
Thank you. 
Posted Wed, 21 Aug 2024 13:26:10 GMT by Andre Eller Contarato
Hello, I was working and living in Malaysia. I moved to the UK for the first time and started working here in March/24. I'm a resident here now under a skilled visa. I have withdrawn my Malaysia Pension Fund into a USD cheque. This cheque was generated in July/24 from my balance in the Malaysian Pension Fund accumulated while I was living and working there. Now I have this Foreign Demand Draft cheque in USD, and I would like to credit this foreign cheque into my international bank account which is also in USD. Do I have to pay taxes in the UK over this money that I gained while working and living in Malaysia if I deposit this cheque in my international bank account? Many thanks, Andre
Posted Wed, 21 Aug 2024 15:39:14 GMT by Musab
Hi I came to UK July 21 . However I traved back to UAE and closed my account Mach 23. My bank account was not active and just holding money as capital . Scine I closed this overseas account after I moved here does it has affect of anything. Thank you .
Posted Thu, 22 Aug 2024 18:30:41 GMT by HMRC Admin 25 Response
Hi Joglenscowen,
Please refer to guidance here:
Remittance basis 2024 (HS264)
Thank you. 

 
Posted Thu, 22 Aug 2024 18:54:24 GMT by Joglenscowen Scowen
Hi, Thank you for sending the link re remittance basis. I have read through all details on tax related issues and clearly there are 2 methods of being taxed if recent UK resident 1. Arising or 2. Remittance basis if this is requested According to previous answers on the forum any savings sent to UK which were accumulated prior to being a UK resident are not taxed, ie capital is not taxed but interest made on capital when banked in UK is taxed. From what I have read this is assuming that arising basis is used. A person does not have to use the remittance basis. There is a choice. Maybe the above can be clarified for all readers on this forum. Thank you
Posted Wed, 28 Aug 2024 13:58:29 GMT by HMRC Admin 5 Response
Hi Laura

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

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