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Posted Mon, 26 Feb 2024 13:08:54 GMT by ccmc
I have a rather complicated question. If I make a time deposit before I became a UK tax resident, so the money used for the time deposit is Clean Capital. But I will get back the original money with interest after I beome a UK tax resident. If I seperate the interest from the original money, will the original money remain to be Clean Capital? Thanks.
Posted Tue, 27 Feb 2024 15:17:47 GMT by HMRC Admin 32

The window for clean capital in overseas banks (or similar) accounts, ended on 5 April 2019.  

After this date, any income that arises in tax years that the individual is not resident in the UK, is classed as capital and is not taxable, when brought into the UK.  

Any interest that the capital then generates is taxable and should be declared.

Thank you.

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