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  • RE: Questions on Foreign Currency Taxation

    Hi, Thank you very much for the answers, but would you please be able to answer the above questions I asked individually and directly as if I were a resident, I need to be aware of where I stand with respect to tax in the UK.
  • RE: Questions on Foreign Currency Taxation

    Hi, I have referred to the document and read it, but I would still very much appreciate answers to the above questions if that's possible! Thank you for nay help you can provide.
  • RE: Questions on Foreign Currency Taxation

    Hi, Thank you, what happens if you are a UK resident for tax purposes?
  • Questions on Foreign Currency Taxation

    Hi, I have a few questions relating to foreign currency and foreign bank accounts. I am unsure if this is the best part of the forum for it. I am British citizen that's left the UK to work abroad for a few years. However, I was wondering if there is a need to declare foreign bank accounts I have to HMRC, similar to in the US? And if so, how to do so? Or is simply stating the foreign interest and other income etc. that has been gained through out the year enough? Are foreign currency expenditures/withdrawals from a foreign bank considered taxable gains? Where the deposited income is from employment salary and interest, which has already been taxed/stated on the return. Does foreign income from employment incur taxable gains (via expenditure or otherwise)? Or do I only pay income tax on it? Does transference of foreign currency from a foreign bank account to my UK bank account (both held in my name, where the foreign currency has already been stated on previous years tax returns and had tax paid on it) incur a taxable event in anyway? e.g. taxable gains or otherwise.