Returning money transferred to Non resident account back to the UK bank accountHello, Could you please help on the below scenario ? Money (after paying taxes in the UK) was transferred from the UK bank account to the non resident bank account (NRE) in India. To repatriate the money bank to the UK bank account what would need to be done given that the remittance only basis was being applied so far since the account holder was non UK domicile and the interest earned was less than the limit. I believe the tax on the interest earned in the overseas bank account will have to be paid but can you please suggest how to separate out the capital component ? Can the overall amount that was transferred in GBP over the last years be brought back without any tax implications since the tax on the same has already been given ?
RE: Self assessment for disclosing interest in bank NRE account in India is less than £2000 ?Thank you for the above info ! I however should have mentioned one other aspect that if the individual is not deemed domicile in the UK (hasn’t been living in the UK for the last 15 years) then would the remittance basis not apply automatically as per which if the foreign income is less than £2000 then the self assessment is not mandatory ? Cheers, Sudy
Self assessment for disclosing interest in bank NRE account in India is less than £2000 ?Hello, If an individual is employed as PAYE and has salary much less than £100K but has interest coming in bank accounts (NRE and NRO) in India which is less than £2000 with no other income to report then do they need to file a self assessment ? Cheers, Sudy