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Posted Thu, 18 May 2023 15:38:16 GMT by Dragan
I report taxes in UK on non-domiciled remittance basis. I have a foreign checking/current account where in the past I had money but currently the balance is 0. I will have foreign transactions where I will have gains, and want to report these gains on my UK tax return, and transfer (remit) that cash to UK. In order to transfer cash to UK without any HMRC charges/taxes: - can I add newly earned money to the existing account and then transfer it to UK, or - do I need to open a new account for that purpose?
Posted Wed, 24 May 2023 13:30:08 GMT by HMRC Admin 5

There is not tax liability arising from the transfer of money from a foreign bank account to a UK bank account.  

The charge to capital gains tax would arise from the disposals from your foreign transactions.

You would declare the gains in SA108 (capital gains) supplementary page.  

If you have paid foreign tax on these gains and want to claim a foreign tax credit, you would also complete SA106 (foreign), declaring the tax paid and claiming the credit,
in additions to SA109, to claim the remittance basis.

Thank you.
Posted Thu, 25 May 2023 16:09:42 GMT by Dragan
Hi: Thank you for your answer. I am now confused since I thought that on remittance basis I can't freely transfer money from a foreign bank account after moving to UK if that money was earned after my move. In particular, I thought my question is related to "mixed fund", documented in I have also found this question which seems to be of a similar nature. After reading various HMRC pages on that topic I couldn't figure out whether the account that had history, and is brought to balance of 0, becomes a "clean" account in the context of "mixed funds". Can you, please, comment on that? Thank you
Posted Tue, 30 May 2023 09:06:39 GMT by HMRC Admin 8
Please refer to additional guidance at: Residence, Domicile and Remittance Basis Manual

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