Skip to main content

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

Posted Tue, 15 Oct 2024 21:58:55 GMT by CICEROKEI kei
I am paying higher tax rate in UK and become tax resident for 2 years. I have some savings overseas before I become UK tax resident which generated interest in last tax year. The bank, however, did not separate my principal funds and intest into different account. 1. If I choose remittence basis for the interest earned overseas, when I transfer the money from the account into UK, will the whole some of money charged with higher tax rate? (they become mixed fund). 2. If I choose arising basis and pay the tax for the interest earned overseas. Will there be any tax generated for the money transferring into UK in the future?
Posted Thu, 24 Oct 2024 13:59:39 GMT by HMRC Admin 20 Response
Hi,
Please refer to Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you.

You must be signed in to post in this forum.