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Posted Tue, 03 May 2022 01:27:55 GMT by YJennings L
Hi HMRC I have been working overseas for the last 13 years. I will be relocating back to the UK soon with my family for 6 years afterwards my son will continue stay in the UK for university while I will then leave UK. I have some savings overseas where I receives some interest income from it. When I become a UK Tax resident during these 6 years, if I do not transfer any of this income into the UK, does it mean I do not have to declare and get taxed on this income if it is kept overseas?
Posted Wed, 04 May 2022 16:48:28 GMT by HMRC Admin 20
Hi YJennings L,

Please note that if you are resident but not domiciled in  the UK and you receive unremitted foreign income of less than £2,000 per annum, the remittance basis applies automatically, meaning  that the unremitted foreign income is automatically deemed to be non-taxable in the UK.
If however your unremitted foreign income and gains are in excess of £2000 per UK tax year, you may wish to consider applying for the Remittance Basis.  

2. Completing the ‘Foreign’ pages

Thank you.
Posted Thu, 05 May 2022 00:54:28 GMT by YJennings L
Hi HMRC Admin 20 Thanks for your answer, I took a look at https://www.gov.uk/government/publications/remittance-basis-hs264-self-assessment-helpsheet/remittance-basis-2022-hs264#completing-the-foreign-pages I am a bit unclear after reading section 1.2 Remitted to the UK It seems to indicate if you don't remit this income to the UK ie, if you just keep it in an overseas account. It does not count as income and therefore not taxable and require declare. Is my understanding correct?
Posted Tue, 10 May 2022 12:39:24 GMT by HMRC Admin 17

Hi,
 
If you claim the remittance basis this means you are stating to HMRC this money will not be transfered to the UK. 

If you do not claim remittance basis then the money will be classed as Foreign Income and you would declare this on a Self Assessment form. 

Please also see charges when claiming remittance basis which may be beneficial to review before considering using this method :

Remittance basis changes      .

Thank you.

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