Taxation Inquiries : Seeking Clarifications and Guidance about Transferring Savings from Abroad

Dear HMRC officer, Greetings. I arrived in the UK in November 2023 on a BNO visa and am currently doing part time job. I have several tax-related questions: 1. If I transfer savings from before I became a UK tax resident to my UK bank account, do I need to pay tax on the principal amount transferred, in addition to the interest earned on those savings? (I do not use the remittance basis.) 2. If I transfer savings from before becoming a UK tax resident to the UK and use them for a bank fixed term deposit, besides the interest or dividend income generated by this money, will I be subject to any other taxes? 3. I arrived in the UK in November 2023 and started working in December, but my payslip shows that I have not been subject to income tax. The company says this is because my income before April 2024 has not exceeded the income tax threshold for that tax year. Do I need to report my income for the period from December 2023 to March 2024 to HMRC? 4. I have consulted with various accountants about tax issues, only to realize later that they were not qualified tax advisors. Where can I find qualified tax advisors? Thank you. Thank you very much!

Hi,

As you savings were generated in tax years where you were not resident in the UK, they will be treated as capital and will not be taxable if brough to the UK.  
Any interest the savings generate while you are resident in the UK is taxable and should be declared.  
Even although you arrived in the UK, part of the way through the tax year, you are still entitled to the full amount of personal allowance.  
This may mean that you do not have any tax to pay in the tax year 2023 to 2024.  
We cannot advise you where you will find a qualified tax specialist.
Thank you.

Hi DavidCheung89,
Although you arrived in the UK part of the way through the tax year, you are entitled to personal allowances of £12570 for the full tax year. As you have not used the tax free allowance from April to November, it has built up and at this time, is more than your income, so no tax is payable, yet.
This may change depending on how much you earn.
If you earn more than £12570 between November and 5 April, you will have some tax to pay and none if you earned less.
Thank you.