Transferring personal money to UK

Hi ,
 

Income arising from your savings while not resident in the UK, is not taxable in the UK.  Any income arising on the foreign savings while you are resident in the UK, is taxable and should be declared.  Any capital can be transferred to the UK and not be taxable in the UK. Thank you .

If I pay dividend tax on my US-based mutual funds on the remittance basis, and then redeem one of the funds (under £50K) and bring that money to the UK, what percentage tax will I pay on that money?

Hi ,
 

As a UK tax resident, you are taxable on your world-wide income and capital gains.  As you are disposing of an overseas property, you are required to declare the disposal in a self assessment tax return.  Please have a look at the guidance on private residence relief on helpsheet HS284 (: HS283 Private Residence Relief (2024) ).  There is a capital gains tax calcultor at :  Tax when you sell property , to help you work out your gain.  All of the figures in the calculation must be in GBP sterling.  You can use an exchange rate in use at the time to conver from the foreign currency.  Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  For your convenience, there are exchange rates at : webarchive.nationalarchives.gov.uk/ukgwa/20231016190054  :  Exchange rates from HMRC in CSV and XML format  and for older rates at webarchive.nationalarchives.gov.uk/ukgwa/20100202113554: Exchange rates from HMRC in CSV and XML format   . You are free to use any of the supplied rates or one of your own choosing. Thank you .

I am a UK tax resident and on domicile status. I intend to sell my overseas property and then transfer the proceeds to the UK. Apart from capital gain tax that I need to pay, do I need to pay any tax for the transfer of such proceeds to the UK? Also, I lived in the above overseas property for around 10 years before I move to live in UK, do I entitle to the Private Residence Relief when I sell such property? Kindly advise.

Hi J Chan,
You will have to work out if there is a Capital Gains liability, using UK rules for Capital Gains.  
This means that you need to convert the values to GBP sterling, using a just and reasonable exchange rate in use at the time of acquistion and disposal.  The disposal should be reported in a Self Assessment tax return.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
For your convenience, there are exchange rates at: https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/Exchange rates from HMRC in CSV and XML format and for older rates at UK Government Web Archive/ukgwa/20100202113554/Exchange rates from HMRC in CSV and XML format.
You are free to use any of the supplied rates or one of your own choosing.
Thank you.

Hello, I emigrated to the Uk in Sept 2023, and now I want to transfer money £580, 000 from Hong Kong for buying a property in England. Is my savings taxable? Thanks. Jason

Hi,
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.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you