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Posted Wed, 13 Nov 2024 15:27:42 GMT by Mohammad iqbal Babu
Hi, I am living in uk for 5 years under pre setted. I have a italy bank account where I have my previous savings around 40000 pounds. If I transfer the money to uk, do i have to declare it to hmrc like fill some form? Do I have to pay any tax?
Posted Thu, 14 Nov 2024 13:35:36 GMT by HMRC Admin 34 Response
Hi,
There are no tax implications for transferring savings to a UK bank account 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 dividends

Thank you

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