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Posted Thu, 26 Sep 2024 07:29:27 GMT by Emcy C
A teaching job has been started in Kuwait for which Kuwaiti residency has been given . If savings from that income are transferred to the uk are there any tax implications/paperwork obligations ?
Posted Tue, 01 Oct 2024 14:57:24 GMT by HMRC Admin 18 Response
Hi,

There is no limit to the amount of money you can transfer from an overseas bank account to a UK bank account. 

 If any of the money transferred is from income or capital gains arising in the tax year it is transferred, then that income and capital gains is taxable and should be reported on a Self

Assessment tax return.   

 If the money transferred is purely from savings, it is classed as capital and is not taxable unless they generate interest or dividends. 

These would then potentially be subject to tax. 

Further guidance can be found here: 

Tax on savings interest 

Tax on savings interest

Tax on dividends 

Tax on dividends 

Thank you.

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