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  • Income deemed from overseas work

    Hi I arrived from India in UK on 29th Sept 2022 and started working for the UK employer from 7th Oct 2022. I qualify for the split year treatment as per the guidance. However, the final salary and settlement of my employer from India was received on 28th October 2022 in my Indian bank account whilst I was working in UK. This is technically the wages from my India split year which was received in the UK part of the split year. Will this be counted as Worldwide income and any tax implication if I remit this to UK. I do understand any gains which I may get on this income needs to be declared, but what about the principal? Thanks in advance
  • Indexation value on sale of property abroad

    Hi I have moved to the UK from India end of September 2022 and for this FY I am a tax resident in both countries with a split year and domiciled in India. I wish to sell my overseas property which I am not using and remit the proceeds to UK. This property was bought in 2015 with a purchase price of approx £ 42K (current currency conversion). As per India laws there is an indexation % attached to each property YoY due to which the property value in Indian Tax terms is approx £90K currently. I plan to sell my property at £56K which essentially means I still make a £14K capital gain (£56K - £42K), from the Indian tax system I am making a capital loss of £34K (£90K - £56K). How do I treat this in the UK tax parlance, do I take the £90K as the value and claim capital loss (with dual taxation) or I declare £14K as capital gain here by taking £56K as the sale price?
  • Money transferred to UK before relocating

    Hi, I have moved to the UK on 29th September 2022 on a Skilled worker visa and started working full time on 7th October 2022. Before coming to UK I was a full time employee in a company outside UK till 28th September 2022. Before coming to UK and becoming a resident, I opened a bank account online in UK and transferred £20K in the account to take care of initial expenses in UK like rent, deposits and pay for my dependents university education etc, and this money was part of my savings from my employment in my home country and was taxed already. Would I need to pay tax on this remittance in UK considering I remitted it before I was a resident in UK ?