Foreign income tax exemption

Hey. I moved to the UK on January 2023 (resident since with skilled worker visa). I have submitted self-assessment for 2022/2023 and did split year (payed taxes in the UK just on income in the UK starting my move date). I still have stocks in my home country, and I have just sold those (for which I paid income and capital gain taxes in my home county). I wish to import all the relevant money to the UK. Questions are - 1. As this is the first full tax year (2023/2024) since my move - am I exempted from paying any taxes on this foreign income once imported to the UK? 2. Do I need to declare this imported money in my self-assessment for 2023/2024 - or am I exempted from mentioning it either? Thanks! Guy

Hi,

As you are moving the imcome to the UK, you need to report the gain. You can claim Foreign Tax Credit Relief for the foreign tax paid to reduce your UK liability.

Thank you.