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Posted Wed, 06 Sep 2023 17:15:51 GMT by YM Ying
Hi Team, Are funds that can be clearly identified as principal capital amounts (as distinguished from interests earned) in a multiple-currency overseas bank account remitted or brought to the UK be regarded as "ring-fenced" clean capital, or HMRC will apply priority rules that may deem some to be (interest) incomes ? In my case (1) those overseas multiple-currency bank accounts hold different currencies (eg USD, AUD, GBP, EURO etc according to those banks' standard practice) but still under the same bank account number, and some even with interests credited automatically into the same account though separated into respective currencies' categories; and (2) there have been no transfers or conversions amongst those different currencies that are to be brought to the UK within the multiple-currency bank account. Regards, ymying
Posted Fri, 15 Sep 2023 11:37:06 GMT by HMRC Admin 19

You can see the guidance on mixed funds here:

RDRM35230 - Remittance Basis: Amounts Remitted: Mixed Funds: Remittances from mixed funds

Thank you.


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