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Posted Mon, 24 Apr 2023 18:46:28 GMT by Sudy1111
Hello, Could you please help on the below scenario ? Money (after paying taxes in the UK) was transferred from the UK bank account to the non resident bank account (NRE) in India. To repatriate the money bank to the UK bank account what would need to be done given that the remittance only basis was being applied so far since the account holder was non UK domicile and the interest earned was less than the limit. I believe the tax on the interest earned in the overseas bank account will have to be paid but can you please suggest how to separate out the capital component ? Can the overall amount that was transferred in GBP over the last years be brought back without any tax implications since the tax on the same has already been given ?
Posted Wed, 03 May 2023 08:18:15 GMT by HMRC Admin 19
Hi,

You can see guidance here:

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

Thank you.

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