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  • RE: Mixed fund account

    Thank you for the reply. Can I clarify my understanding in case of arising basis? For an overseas account comprising savings (salaries gained before becoming a UK resident) and interests, when money is transferred from the account to a UK bank account, does this amount has income tax implication? Or the person only needs to declare all saving interests from all accounts(overseas and UK) generated in the tax year?
  • Mixed fund account

    When a person has a mixed fund account outside UK with clean capital (savings prior to arrival in the UK) and interest (accumulating on monthly basis even until now) - 1. If the person plans to transfer funds from this foreign account to the UK, only the savings interest is taxable and needs to be declared? Can the capital be cleansed after declaring the savings interest? 2. Should the person transfer the fund before or after declaring the savings interest? Or it does not matter when to transfer the fund as long as the person declares the savings interest in the corresponding tax year? 3. Is an account set up in Crown Dependencies regarded as foreign account?