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Posted Wed, 16 Aug 2023 07:02:44 GMT by Fran58
Thank you for your reply. You said that if I return to the UK, the money I transfer to my UK bank account after selling my house in Turkey will be taxed. What if I were not to come back to the UK but continue to live abroad? Would the money be taxed once it is transferred to my UK bank? Also, what about savings, would they be taxed if I transfer them to my UK bank while I live abroad? I am currently residing full time in Turkey. The tax I currently pay in the UK as non resident are only those rising by the rental income generated by my UK property.
Posted Thu, 17 Aug 2023 14:36:27 GMT by HMRC Admin 25
Hi Fran58, 
If you continue to be non UK resident then it will not be taxed.
See further guidance here if you do return to the UK:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you. 
Posted Fri, 15 Sep 2023 10:10:55 GMT by
Dear HMRC, I worked in company A in the US, and company A relocated me from the US to the UK Jan 2020. I was working in the UK under Tier2 Skilled Worker visa, and getting paid from the US payroll of Company A to my US bank account from Jan 2020 to Feb 2021 (due to Covid). I changed to UK payroll with company A Feb 2021. I paid taxes in the US and the UK. Company A paid my UK tax on my behalf because of tax equalisation agreement. July 2021, I moved to Company B in the UK and switched to Skilled worker visa valid for 5 years. I am a Chinese Citizen, with no permanent residency in any country. If I want to remit £60k from my bank account in the US to the UK, these funds in the US were accumulated via employment salary, and as I mentioned above I was paying taxes in both the UK and US, would i be liable for any further tax for remitting this £60k?
Posted Fri, 15 Sep 2023 14:22:30 GMT by CharlesFr
Hello, Thank you very much for having this forum, this is super helpful. I am in the process of getting my deposit for a house and my dad wants to gift me ~35kE as part of the deposit. This sum is on my personal bank account in France and I would like to transfer it to the UK, would I pay any tax as part of this transfer, or do I need to prepare any tax form ? Kind regards, Charles
Posted Tue, 26 Sep 2023 12:35:05 GMT by HMRC Admin 8
Hi xuan liu,
Please see:
RDR3 Statutory Residence Test
and Tax on foreign income:
Tax on foreign income
In the first instance to help you determine whether you are regarded as UK resident andyour tax obligations in the UK.
Please also see Paying tax on the Remittance basis 2022 (HS264)
Thank you.
Posted Tue, 26 Sep 2023 12:37:40 GMT by HMRC Admin 19
Hi CharlesFr,

There are no Income Tax implications of transferring capital from a foreign bank account to a UK bank account. Only if the capital generates income, such as interest or dividends, then this would be subject to Income Tax.

You can see information below regarding limits to the amount of cash brought into or taken out of the UK.

Take cash in and out of the UK

Thank you.
Posted Wed, 04 Oct 2023 08:29:43 GMT by
Hi HMRC team, Context before my question: I have been employed in UK since 2014 & I used to transfer my savings to home country and put it into fixed deposits. I have also transferred 18K GBP last year from that home country account to UK to buy a property. Since last 9 years I have been almost been here 7 years. I have never filed self assessment and not much aware of UK tax laws. But recently I got a nudge letter to disclose my foreign income & I am quite concerned about this, they have not mentioned what asset etc. Questions: 1) How to deal with this? The money that I transferred from India to UK is something that I earned here itself with UK paid tax and transferred there. Although I have earned interest on these deposits which I did not knew was taxable in UK. So do I pay tax on principal and interest both or only interest, how to show that 18K GBP is principal or interest? 2) Will I be treated as UK resident domicile by default? or non-domicile? I think for non-domicile its not straightforward I also don't want to go to that route. 3) Shall I file self assessment straightway or use WDF ? 4) Is there a tax free allowance for foreign income based on interest? Sorry for long post
Posted Mon, 09 Oct 2023 12:07:17 GMT by HMRC Admin 32

If you are in receipt of overseas income or capital gains, no matter how little it is, you meet the criteria for completing a Self Assessment Tax Return.  ax in the UK is calculated by default, using the 'arising basis' on all of your world-wide income and gains would be taxable in the UK. As you are resident in the UK, but not domiciled, you can opt to choose the 'remittance basis' of tax, which means that you only pay tax on your UK income and gains and any overseas income and gains remitted to the UK. As you have paid tax in the UK on the income you sent to your savings account in India, you would only need to declare the interest arising from the capital in your savings account.  

Have a look at section 9 of RDR1 as the remittance basis is not always the best option.

Guidance note for residence, domicile and the remittance basis: RDR1

Overseas income and gains should be conferted to pounds sterling and declred on the tax return. The rules for taxing savings interest would apply equally to IK interest as it would to overseas interest.

Thank you.
Posted Mon, 09 Oct 2023 12:20:35 GMT by
Thank you for the reply. Can you please tell me how much is the tax free allowance for savings interest earned abroad? Is it 2000 GBP or 1000 GBP. I am not able to find this information. Thanks & Regards
Posted Mon, 16 Oct 2023 11:32:09 GMT by HMRC Admin 32
Hi RakeshJha,

The savings allowance is £1000 and this covers interest from UK and/ or abroad.

Thank you.
Posted Sun, 22 Oct 2023 11:40:11 GMT by
WarningThis post is currently being moderated and will be visible when it has been approved by a HMRC moderator.
Posted Thu, 26 Oct 2023 08:34:14 GMT by HMRC Admin 20
Hi mvcg77 C,

As a UK resident, you have to declare both your overseas rental income and any Capital Gains arising from the sale of overseas property.
The transfer of funds from an overseas bank account to a UK account would however have no income tax implications, but any interest or dividends generated may be taxable.                        Tax on foreign income                                        
Tax when you sell property                                                
Tax on savings and investments: detailed information

Thank you.
Posted Mon, 06 Nov 2023 22:07:23 GMT by taxishard
Hi, I am an EU citizen, resident in the UK since March 2019. I have pre-settled status. I have a full-time job and pay income tax etc. here in the UK. I sold my flat in my home country to move here. Before moving to the UK, I put the proceeds from the sale of my flat into a government bond (in my home country) that pays interest tax free. The bond has now matured and the money is in my current account in my home country. If I transfer this money to my UK bank, do I need to pay any tax? Do I need to declare it? It is approx. £80,000 Thanks
Posted Wed, 08 Nov 2023 23:11:21 GMT by Depe04
Hi, I’m planning setting up a business abroad and will be transferring profit generated to a UK bank account on a monthly basis, Would that income incur taxes in the UK given it has been taxed in the country of origin?
Posted Thu, 09 Nov 2023 14:12:20 GMT by
Hello, I am a foreigner (Australian) planning on opening a personal bank account in the UK. I do not have residency status or a visa in the UK. However, I am planning on renting an apartment in London, to spend some time there (but in and out of the country on a monthly basis). Because I am renting an apartment in the UK, I will get a utility bill which can then be presented to the bank to open a personal account in the UK. I am planning on transferring approximately 400,000 GBP to my UK bank account from one of my bank accounts in Vietnam. This money is not income. This money is from the sale of a property in Vietnam. Therefore, I would like to know if I will need to pay tax on this money when it goes into my UK bank account and if yes, at what rate? I am planning on putting this money into an account that will earn interest (approx. 4.2%) in the UK. I would like to know as well if the interest will be taxable and if yes, at what rate? Thank you.
Posted Thu, 09 Nov 2023 14:38:27 GMT by HMRC Admin 19
Hi taxishard,

This will depend on your residence status. You can see guidance here:

Remittance basis 2021 (HS264)

Thank you.
Posted Fri, 10 Nov 2023 14:45:09 GMT by HMRC Admin 10
Hi Depe04
You will need to review the double taxation agreement that the UK has with the country your self employment is undertaken.  
You may find that if you are resident in the UK, while undertaking the overseas self employment, that your gross profits are only taxable in the UK. You may need to claim a refund of any overseas tax paid or claim a foreign tax credit in your self assessment tax return.  
As a UK resident, you are taxable on your world-wide income.
The tax treaties, can be found at Tax treaties."
Posted Fri, 10 Nov 2023 15:42:45 GMT by HMRC Admin 25
Hi UK1234,
You may also be liable on the actual capital depending in your tax status.
Please refer to:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you. 
Posted Fri, 24 Nov 2023 13:47:56 GMT by
Hello, My parents gifted me a sum of money (around £60,000) which has been transferred in a Bulgarian bank bank account in my name. If I transfer the money from my Bulgarian account into my UK account, do I need to declare or pay tax on this transaction? I am a British citizen and live and work in England. Thank you, Rummie
Posted Fri, 24 Nov 2023 20:55:57 GMT by
Hi there, I am a UK resident and my father from Romania wants to transfer me £30,000 from Romania to the UK as a gift to help me put down a deposit for a flat. Will I have to pay tax to receive this money?

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