Musab

Hi I came to UK July 21 . However I traved back to UAE and closed my account Mach 23. My bank account was not active and just holding money as capital . Scine I closed this overseas account after I moved here does it has affect of anything. Thank you .

Hello, I recently closed my current account after leaving Dubai, as per UAE law, since I can no longer maintain a bank account without residency. I withdrew the funds in cash but was unable to transfer the money to the UK at the time. Now, I would like to bring the equivalent of approximately £50,000 + to the UK to help purchase my first home. This money has been in a current account for a few years, and all taxes have already been paid in the UAE. I would like to transfer and deposit this money directly into my UK bank account. Could you please advise if I will need to pay tax on this amount? Additionally, do I need to inform the bank or declare this transfer to the tax department? Many thanks.