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Posted Tue, 16 Apr 2024 14:55:19 GMT by SHAEHMRC
I am a UK national, non-resident in the UK by virtue of working full time overseas. I hold a bank account in the UK and an international savings account in the Channel Islands. The interest rates I receive in my UK account are very low and, as a non-resident of the UK, my bank is unwilling to offer anything new. I have opened an international account to improve this and wanted to know if there are any tax implications with transferring money from the UK to the international account, whether now as a UK non-resident or upon my return to the UK at some point in the future.
Posted Tue, 23 Apr 2024 12:30:15 GMT by HMRC Admin 8 Response
Hi,
There are no tax implications from the transfer of capital from your UK bank account to an overseas bank account.
Thank you.
Posted Tue, 23 Apr 2024 13:41:33 GMT by SHAEHMRC
Great. When I return to the UK, and become tax resident, are there any tax implications of transferring the money back (I.e. from the international account to the UK account)?
Posted Tue, 30 Apr 2024 09:26:11 GMT by HMRC Admin 8 Response
Hi,
HMRC cannot comment on future events as legislation may change.
Thank you.
Posted Tue, 30 Apr 2024 15:47:27 GMT by SHAEHMRC
Ok. So if I was a UK resident now, would there be any tax implications with transferring money from my international account to my UK account? The source of the money is savings of salary earned when non resident?
Posted Tue, 07 May 2024 13:46:32 GMT by HMRC Admin 19 Response
Hi,

The income needs to be in a clean account. You can see guidance here:

Income from overseas sources

Thank you.
Posted Tue, 07 May 2024 16:23:53 GMT by SHAEHMRC
Hi HMRC admin The guidance you have linked seems to relate to individuals who are taxed on the remittance basis for non-domiciled residents. This does not apply to my circumstances - I am referring to circumstances relating to non-residence. Please allow me to rephrase. Whilst I was a non-resident, I transferred money from my UK savings to an international account to get better interest rates. I understand from earlier on in this thread that there are no UK tax implications of doing this. After returning to the UK, and becoming resident again, I wish to transfer the savings back to my account in the UK. Could you please advise what tax implications there are on doing this?
Posted Tue, 14 May 2024 14:51:13 GMT by HMRC Admin 8 Response
Hi,
There is no tax on the transfer of the capital. you will only declare any interest or dividends this then generates.
Thank you.

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