Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Wed, 07 Feb 2024 11:30:23 GMT by HMRC Admin 19
Hi D. Vasilopoulos,

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.

Thank you.
Posted Wed, 07 Feb 2024 11:53:05 GMT by HMRC Admin 20
Hi Sakher Haddadin,
As long as your savings arise in tax years that you were not resident in the UK, then the savings are condidered to be capital and are not taxable.
Thank you.

 
Posted Thu, 08 Feb 2024 14:52:36 GMT by
Hi, i spend around 8 months per year in singapore working, and 4 months in UK. I am originally from the UK, i normally do a small personal tax return every year to declare some small income. However, this year i will be earning my money in dividends in singapore, and if i transfer to my UK account, do i need to pay dividend tax? if so....how much is dividend tax from foreign income?
Posted Thu, 08 Feb 2024 20:30:22 GMT by
Hello, I used BNO visa arriving UK in August 2023. I would like to know: 1. I still have HKD savings in my accounts in HK and planning to converting them to Pound and transfer to my bank in UK. Since this is not the income or capital gain and purely my savings before, please confirm if this is not taxable except the interest generated? 2. Is there any deadline which I must transfer my savings from the bank in HK to UK or else the amount transferred will be taxable please? 3. Given I was still in HK from 6 April 2023 to mid August, please advise if the interest gained during this period of time will need to be reported as well? Thank you!
Posted Thu, 08 Feb 2024 22:03:19 GMT by
Hi, I have less than 20K saved in my home country (in Europe) and I want to bring into my UK bank account. Part of the money is an inheritance from a family member that passed away, the rest is money was given to me through a government schedule due to my family situation back in the day when I was a student. This bank account is simply a current account: it has not generated benefits or income. Now I want to bring the money with me to the UK. Do I just transfer the money from my home country bank account into my UK bank account? Do I need to declare it or pay taxes here? (Taxes were paid at my home country)
Posted Tue, 13 Feb 2024 14:28:54 GMT by HMRC Admin 5
Hi lexyz2288

It all depends on your level of taxable income received. Please see - Tax on dividends

Thank you
Posted Tue, 13 Feb 2024 14:51:23 GMT by HMRC Admin 32
Hi,

Please refer to:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Tue, 13 Feb 2024 14:53:44 GMT by HMRC Admin 32
Hi,

You wont pay tax on the actual capital but you will need to declare any interest or dividends that this may generate.

You will need to speak to your bank about how to transfer the funds.

Thank you.
Posted Tue, 13 Feb 2024 19:49:09 GMT by
Hi, Thank you for your reply. Since this is purely my savings still kept abroad and not related to any arising income therein, please confirm if I can transfer my money to UK anytime and only need to report the interest gained in this case? Thank you very much!
Posted Wed, 14 Feb 2024 10:49:16 GMT by Virgil Stockwell
Hello, My spouse is non-resident (works in Switzerland). We have a joint UK bank account. Would there be any tax implications for either of us if my spouse transferred surplus funds from Switzerland to our UK bank account?
Posted Wed, 14 Feb 2024 17:30:26 GMT by
Hi again, regarding my post above. Level of income would be £55,000 in dividends from my singapore company. I own the company (beneficial owner). Therefore i am referring to Article 10 of the Tax Treaty between Singapore and UK where it mentions 5% dividend tax on foreign sourced dividends if i am the beneficial owner of that company. Which makes sense as i would be already taxed in singapore, so to then tax me regular dividend rates doesnt make sense. ARTICLE 10 - DIVIDENDS 1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be taxed in that other State. 2. However, such dividends may also be taxed in the Contracting State of which the company paying the dividends is a resident and according to the laws of that State, but if the recipient is the beneficial owner of the dividends the tax so charged shall not exceed: (a) 5 per cent of the gross amount of the dividends if the beneficial owner is a company which controls, directly or indirectly, at least 10 per cent of the voting power in the company paying the dividends
Posted Mon, 19 Feb 2024 12:25:02 GMT by HMRC Admin 19
Hi tonyyu,

You can see guidance here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Mon, 19 Feb 2024 13:03:00 GMT by HMRC Admin 19
Hi Virgil Stockwell,

There are no tax implications.

Thank you.
Posted Mon, 19 Feb 2024 14:16:38 GMT by
I am a foreigner and have been a UK resident for 5 years, but not yet domiciled. I am still able to file tax on remittance basis, since I am within the 7 years. I have real estate in my home country which I would like to sell. I bought the apartment at 30.000EUR 11 years ago and would now sell for 60.000EUR, therefore a gain of 30.000EUR. The gain would not be taxed if I do not bring these 30.000EUR into the country. Am I allowed to bring to the UK the original 30.000EUR, that I used to buy the apartment with? How would I need to proof which funds I am bringing into the country? Thank you for your reply.
Posted Tue, 20 Feb 2024 08:18:41 GMT by HMRC Admin 19
Hi lexyz2288,

This is saying that as a UK resident, you are taxable on those dividends in the UK, as foreign dividends. Normally, they would not be taxable in Singapore, but under certain circumstances, Singapore has the right to tax those dividends at no more than 5%.  You can claim a foreign tax credit for the tax paid in Singapore, up to 5% of the gross dividend. If you have paid more tax than that in Singapore, you will need to claim it back, as you cannot claim tax relief on it.

Thank you.
Posted Tue, 20 Feb 2024 19:13:24 GMT by Virgil Stockwell
Thank you, HMRC Admin 19.
Posted Wed, 21 Feb 2024 09:25:26 GMT by HMRC Admin 19
Hi Ben Halde,

You can see guidance here:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.
Posted Sat, 09 Mar 2024 15:51:47 GMT by Richard Roberts
Is it allowed to send money from Myanmar to UK account?
Posted Wed, 13 Mar 2024 14:12:00 GMT by HMRC Admin 8
Hi,
There are no income tax implications re: the transfer of funds from an overseas account to a UK bank account.
Any interest or dividends generated may however be taxable:
Tax on savings and investments: detailed information
Thank you.
Posted Sun, 17 Mar 2024 21:05:39 GMT by Carlos Lopez
Hi I need some advice on my personal situation So I´m from Spain. I work in UK with a skilled worked visa. I have an acc index fund account in Spain which I send money monthly to keep investing. I kept this account in Spain as at first I thought I will go back to Spain at some point. At the moment I believe I will stay in UK permanently. My doubt is... when I sell this funds would I be taxed in UK, in Spain or both? I have never worked in Spain so I´m not fiscal resident in Spain I believe. Would the tax applied only on the profitable part of the funds? If taxes are paid in Spain then can I transfer the money as savings to UK so it won´t be applied any tax? Kind regards 

Name removed admin . 

You must be signed in to post in this forum.