Questions on Foreign Currency Taxation

Hi, I have a few questions relating to foreign currency and foreign bank accounts. I am unsure if this is the best part of the forum for it. I am British citizen that's left the UK to work abroad for a few years. However, I was wondering if there is a need to declare foreign bank accounts I have to HMRC, similar to in the US? And if so, how to do so? Or is simply stating the foreign interest and other income etc. that has been gained through out the year enough? Are foreign currency expenditures/withdrawals from a foreign bank considered taxable gains? Where the deposited income is from employment salary and interest, which has already been taxed/stated on the return. Does foreign income from employment incur taxable gains (via expenditure or otherwise)? Or do I only pay income tax on it? Does transference of foreign currency from a foreign bank account to my UK bank account (both held in my name, where the foreign currency has already been stated on previous years tax returns and had tax paid on it) incur a taxable event in anyway? e.g. taxable gains or otherwise.

Hi agozillon,
If not UK resident then you don't declare foreign income.
Thank you. 


 

Hi, Thank you, what happens if you are a UK resident for tax purposes?

Hi agozillon

Please refer to the following Guidance - Tax on foreign income

Thank you

Hi, I have referred to the document and read it, but I would still very much appreciate answers to the above questions if that's possible! Thank you for nay help you can provide.

Hi
If you have non UK bank account interest and you are not resident in the UK in a tax year you receive interest from those account, you do not declare this interest to HMRC.  As a non resident, HMRC are only interested in income that arises in the UK, such as UK bank interest and UK dividends, UK property income and so on.
If you become resident in the UK, then and only then will HMRC want to know about your foreign bank accounts and any other foreign income or capital gains.

Hi, Thank you very much for the answers, but would you please be able to answer the above questions I asked individually and directly as if I were a resident, I need to be aware of where I stand with respect to tax in the UK.

Hello, I'm Italian but I've been working in UK for the last 15 years. I've just sold a property in Argentina. I am currently in Argentina and I would like take the money to UK. I know that if I carrying more than 10.000 I need to declare it. For example, if I'm carrying 30.000 I need to declare the money. My questions are: is the 30.000 going to be taxed? How much is the percentage that I need to pay? Another thing that I need to know is related with the document that shows that the property was sold. This document is in Spanish, Do I need to translate it in English? Many thanks

Hi,
Please refer to Paying tax on the remittance basis (Self Assessment helpsheet HS264) as you need to declare the gain  in the UK
Thank you.