Transferring personal money to UK

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?

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.

 

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 .

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.

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.
 

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?

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.

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.

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.

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.

Hi Kms899,
This is not taxable in the UK.
Thank you.