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Posted Tue, 30 Apr 2024 18:21:41 GMT by agozillon
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.
Posted Thu, 09 May 2024 07:06:29 GMT by HMRC Admin 25
Hi agozillon,
If not UK resident then you don't declare foreign income.
Thank you. 

Posted Thu, 09 May 2024 15:34:57 GMT by agozillon
Hi, Thank you, what happens if you are a UK resident for tax purposes?
Posted Wed, 15 May 2024 11:35:16 GMT by HMRC Admin 5
Hi agozillon

Please refer to the following Guidance - Tax on foreign income

Thank you
Posted Thu, 16 May 2024 14:28:54 GMT by agozillon
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.
Posted Tue, 21 May 2024 09:34:29 GMT by HMRC Admin 10
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.
Posted Tue, 21 May 2024 15:59:25 GMT by agozillon
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.

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