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Posted Mon, 13 Jan 2025 16:04:55 GMT by David Sparkes
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?
Posted Thu, 16 Jan 2025 11:58:05 GMT by HMRC Admin 20 Response
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.

 
Posted Mon, 20 Jan 2025 10:37:41 GMT by HMRC Admin 17 Response

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 .
Posted Thu, 23 Jan 2025 15:13:50 GMT by HMRC Admin 20 Response
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.
Posted Wed, 29 Jan 2025 08:30:25 GMT by HMRC Admin 19 Response
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.
 
Posted Tue, 04 Feb 2025 19:01:19 GMT by rfletch18
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.
Posted Wed, 05 Feb 2025 19:06:01 GMT by Amal M
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.

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