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Posted Thu, 29 Aug 2024 10:33:15 GMT by VJad
Hi, I am an UK citizen and a UK tax-payer.A couple of years ago I transferred some of UK savings for the medical treatment of my parents and now the remaining amount of that transfer i.e. around £ 50k I want to transfer back to the UK for my kids education. Tax has already been paid on the interest earned on that remaining amount in that country. I believe, as the amount I want to bring back originated from my UK savings on which tax was already paid, I can simply transfer that money to my UK bank account. Please confirm and or advise accordingly. Thanks.
Posted Fri, 30 Aug 2024 12:02:43 GMT by HMRC Admin 13 Response
Hi Deyah,
We cannot comment on customs matters in this forum, as we can only advise on tax matters.  
Please see Guidance at :
Tax and customs for goods sent from abroad: Tax and duty and Application for transfer of residence relief (ToR1)
Any income arising outside of the UK, in tax years in which you are not UK tax resident, is considered capital and is not taxable in the UK.  
There is no time limit for you to bring this capital to the UK.
Any non-UK property that you dispose of before becoming UK tax resident, is not subject to UK capital gains tax and is not taxable.  If you dispose of non-UK property after arriving in the UK, then you may have capital gains tax to pay on any disposals.
Thank you.
Posted Wed, 04 Sep 2024 12:32:07 GMT by HMRC Admin 19 Response
Hi Andre Eller Contarato,

You can see guidance here:

Remittance basis 2024 (HS264)

Thank you.
Posted Thu, 05 Sep 2024 08:03:37 GMT by HMRC Admin 19 Response
Hi Musab,

No, it does not.

Thank you.
Posted Tue, 10 Sep 2024 10:19:20 GMT by Markus
Hi I have savings invested through an offshore account which I earned as income from employment while a resident in Dubai. I'm now a resident in the UK and would like to transfer said savings to the UK. As of now, the capital I invested (i.e., my saivings) has not increased and I have not earned any interest from it. What would be the UK tax treatment of my savings as I transfer them to the UK? My undersanding is that my savings would NOT be taxed in the UK because I've already paid all the tax due in Dubai, which is a jurisdiction with no income tax. Is this correct? When I put this same question to an HMRC tax tecnician, they asked me if I paid tax on my income in the jurisdiction where I earned it. I said that I didn't, given that Dubai is a income tax free jurisdiction. So, they said that I would have to pay tax when I brought my savings to the UK. My understanding is that this is NOT correct. If you could please confirm? Lastly, would I have to fill in a self-assessment tax return in relation to these savings? Thank you
Posted Wed, 11 Sep 2024 06:07:28 GMT by HMRC Admin 25
Hi VJad,
Your savings would be treated as capital and would not be taxable.
Any interest arising from your savings is taxable in the UK and should be declared in a Self Assessment tax return, even if tax is paid in the other country.
Thank you. 

 

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