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Posted Sat, 25 Jun 2022 10:22:37 GMT by ask Amjad
Hello, I am a non UK resident also ( non-UK-domiciled, non British ).I was resident in UK in 2013 and left UK for home country. So its been almost 8-9 years that I am non UK resident and resident in my home country. I intend to come to UK for a Job and before I enter UK, I will cease all interests or gains in my home country. So after I become UK resident I do not intend to bring any foreign income because there is going to be none, I will only have my salary in UK as future income. Question: 1: If I come to UK can I bring/transfer my capital ( savings until now as non-UK resident) present in my bank account in Home country without paying tax or will it incur tax ? 2: Does that capital that I transfer to UK needs declaration or not ? 3: Will it affect in terms of tax as to when I transfer my foreign capital to UK ( before my UK entry, or within 183 days of my Uk entry or anytime after becoming resident of UK ) 4: Can I use the capital transferred from home country to buy assets in UK ? Thanks, Ahmed
Posted Tue, 28 Jun 2022 10:14:20 GMT by HMRC Admin 17

Hi,
 
1 - you will not be liable to tax on the actual capital.

You may however be liable to tax on any interest that is generated.

2 - you do not need to declare the capital.

3 - refer to guidance at :

Paying tax on the remittance basis (Self Assessment helpsheet HS264)  .

4- yes you can   .

Thank you.
Posted Tue, 28 Jun 2022 13:47:09 GMT by ask Amjad
Thank you for prompt reply, A Confusion in my Question 3, please clarify. My question 3 is about timing of clean capital transfer . You mentioned answering Question 1 that I will not be liable to tax on actual capital. My question is about time of money transfer to UK. Can the clean capital be transferred anytime in UK bank to be tax free ? or should it be transferred to UK before I become UK resdient.( within 183 days of my UK entry) - This will not include any foreign income or gains when I leave home country for UK I will stop all credit transaction in foreign bank account( HOME bank) to avoid mixing income in capital. All income relevant transactions will be in UK. thanks, 
Posted Wed, 29 Jun 2022 15:31:22 GMT by HMRC Admin 10
Hi
HMRC cannot advise you when to transfer the funds.
Please refer to the guidance link already given to answer this.
Thankyou.
Regards.
Posted Sun, 10 Jul 2022 05:31:11 GMT by ask Amjad
Thanks for your reply, I was not asking for advice as to when to transfer clean capital. Question was whether the tax implications on clean capital has any effect in relation to timing of bringing clean capital to UK by non resident/non domiciled person or not. Thanks, 
Posted Mon, 11 Jul 2022 12:44:23 GMT by HMRC Admin 17

Hi,
 
If a UK resident transfers funds  from an overseas bank account to a UK bank account, the transaction is regarded by HMRC as non-taxable.

Any interest arising when the funds are deposited in the UK account may, however, have to be declared.

Thank you.

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