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Posted Wed, 25 Aug 2021 18:45:43 GMT by Caroline
Hi, I need clarification about a detail. I know that I need to fill in a Self Assessment tax return since I am a new UK resident with foreign income/capital gains. I know that I need to notify HMRC about my foreign bank accounts. My questions: 1. Do I report my foreign bank accounts at the same time when I submit my self assessment tax return? 2. Does "reporting foreign bank accounts" mean reporting my capital gains or does it mean giving the list of my bank accounts no matter that there are capital gains or not linked to them? 3. What is the deadline to report my foreign bank accounts to HMRC considering the fact that I arrived in the UK in July 2021? Thank you.
Posted Thu, 26 Aug 2021 13:16:56 GMT by HMRC Admin 8
You only need to notify HMRC about foreign income such as foreign capital gains, interest gained in foreign accounts etc.
You do not need to list the bank accounts that they are form.
The income itself will be declared on the self assessment return.
You need to register for self assessment no later than the 5th october following the year in which the income arose.
So in your case if the income is for the 21/22 year then you have until 5th October 22 to notify us.
Further guidance on this can be found here:
Self Assessment tax returns
Tax on foreign income
Posted Mon, 02 May 2022 16:04:15 GMT by Caroline
Hello, I have other questions. Context: • I arrived in the UK in July 2021. • I have been living/working in the UK since July 2021 under a skilled worker visa. • I am a tax resident in the UK for 2021-2022 (I have been physically present in the UK for more than 183 days). • Based on my understanding, the split-year treatment will apply to me for 2021-2022 (income gained before July 2021 will not be taxed in the UK). My questions: 1. I worked with my Canadian employer until the end of June 2021 and I received my last pay in my Canadian bank account in mid-July 2021 (when I was already in the UK). Since this money had been taxed by Canada for work completed while I was still living/working in Canada, do I have to include this money in my UK self assessment tax return (which will be completed for the period from July 2021)? 2. I got a limited amount of interests from my savings account in Canada (under 5 pounds). Do I have to declare this amount in my UK tax return (SA 106)? 3. I opened a savings account with a UK bank in Oct 2021 and the bank told me that all the interests would be paid to my account in Oct 2022. Does that mean that I don’t have anything to include in my tax return for 2021-2022 in relation to this UK savings account? 4. Do we have to include in our self assessment any money that we withdrew from our foreign bank accounts (standard account not a savings account) via a UK ATM? In other words, does that money is classified as having been “remitted” to the UK and then taxable (even if that money had already been taxed in Canada)? 4.1. If I used my Canadian credit card to pay some expenses in the UK when I arrived in the UK, did these payments also be classified as having been remitted to the UK and then taxable (even if the Canadian money used to pay the amount on the credit card had already been taxed in Canada)? 5. For next year’s tax return (2022-2023): I received my Canadian tax refund on April 7, 2022 for 2021. Will I have to declare this money in my UK tax return next year (or this is not classified as “foreign income”? Thank you.
Posted Tue, 03 May 2022 19:34:22 GMT by Caroline
Clarification for question #4 The "money" that I am talking about in my question is not coming from an "income" or investment; it's just money that I have been deposited in my Canadian bank account before July 2021 (before my departure from Canada). Since my arrival in the UK, the only gain received from a Canadian source is the interests mentioned at question #2 (under 5 pounds). In other words, the money transferred from Canada to the UK (the money withdrew from my Canadian bank account via a UK ATM and the Canadian money used to pay the amounts on my Canadian credit card for UK payments) is part of my "existing assets" (before moving to the UK).
Posted Thu, 05 May 2022 12:03:07 GMT by HMRC Admin 19

If you qualify/apply for split year treatment for the period up to July 2021, there is no requirement to include the employment income or bank interest from Canada on your Self Assessment form.

You are required to declare any UK interest on your tax return form (if this is below £1000 there will be no tax due on this amount).  

If there was no interest from your bank account until 22/23 tax year then there will be no entries on your 2021/2022 form.  

Any income already taxed in Canada (including a tax refund) has no UK tax implications. 

Thank you.
Posted Fri, 06 May 2022 08:09:23 GMT by HMRC Admin 2

There are no Income Tax implications to you moving capital from one bank to another.

Thank you.
Posted Sun, 08 May 2022 23:56:40 GMT by Caroline
Good evening, I’m getting really confused. I thought that I understood all the nuances about my residency. However, I have some doubts now after second thought when I took into consideration the period when I was an international student in the UK. From Sept 2019 to July 2020, I was an international student in the UK: * During that time (Sept 2019 to July 2020), I remained a tax resident in Canada since my permanent home remained in Canada, my Canadian credit card/debit cards were ‘linked’ to a Canadian address and my intention was to return to Canada at the end of my UK studies. * My only foreign income during that period (from September 2019) came from investment income (interests) in Canada (under 500 GBP). * I didn’t work in the UK while I was an international student in the UK. * The Canadian money that I brought to the UK was used to pay for my living costs and my course fees. * I returned to Canada at the end of July 2020 to start a full-time job in Canada (no work, family or accommodation tie maintained in the UK from the end of July 2020). * I didn’t fill out a self assessment tax return for the time spent in the UK as an international student because I didn’t think that I had to do it based on my residency status in Canada (which made me a non-resident in the UK). Note 1: From April 2020 to July 2020, I just had the 90-day tie with the UK - so I know that I was a non-resident in the UK for that period because I spent less than 120 days in the country (I didn’t have access to the same accommodation for 91 consecutive days). Note 2: Based on my understanding, I just became UK resident for tax purposes when I started working full-time in the UK from July 2021. The split year treatment would apply from July 2021 (date that I started working full-time in the UK and that I no longer had a permanent home in Canada). Even if I spent more than 183 days in the UK in the tax year 2019-2020 (6 April 2019 to 5 April 2020), it had been clear in my mind (until this weekend) that I was a non-resident in the UK for tax purposes since Canada classified me as a tax resident. Questions: • Was it okay to think that I was a non-resident in the UK for tax purposes for 2019/2020? • Should I have completed a self-assessment tax return for the tax year 2019/2020 while I was an international student in the UK (no UK income/gains)? • If I was a non-resident in the UK for the tax year 2020/2021, should I have completed a self-assessment tax return for the period from April to July 2020 (no UK income/gains)? • If yes, how do I fix that considering that… this mistake is not intentional? Thank you.
Posted Fri, 13 May 2022 13:31:58 GMT by HMRC Admin 20
Hi Caroline,

Your tax residency status is based on the criteria set out in the residency rules here:
RDR3 Statutory Residence Test
If you are classed as both UK resident and Canadian resident then you will need to look at this guidance to see which country takes precedence:
Dual residency (Self Assessment helpsheet HS302)
You would only be required to complete a UK Self Assessment tax return if you are classed as UK tax resident and you have income from abroad i.e Canada.
Please see guidance here on self assessment criteria:
Who must send a tax return
If you were UK resident with no foreign income, then there will be no requirement for a tax return. 

Thank you.

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