You’re offline. This is a read only version of the page.
I will be moving to UK in the next tax year. However I have funds in my bank account in my present country of residence where I am employed full time. I intend to leave my funds in the bank and move them to the UK at a later date. While I understand that the income earned before becoming a tax resident is not taxable in UK, what are the implications if I move this income to UK AFTER I become a tax resident.
What kind of documentation do I need to maintain to show that this income was generated before I became a tax resident. Do I need to maintain any salary documents from my present employer? Do I need to maintain bank statements to show this income? Do I need to have bank statements stamped by the bank?
I would like to keep all document ready and carry with me when I move to the UK as I many not be able to travel back to my current country of residence.
How is the income from property location abroad taxed?
Do I report the gross rent earned? I pay an annual service charge that is paid to the property management company for the upkeep of the community (something like the council tax). Hence my income is the net amount after deducting the annual service charges.
Is my tax liability based on the gross amount or net amount (after deducting the seervice charges)?
I am currently a non resident and I will be moving permenantly to the UK in May / June. I have never been a tax resident in the UK
I have 2 queries:
1.I currently have my savings in the current country of residence and I will move all of it to UK when I moved my residence. If I move it to UK in June when I move, will it be taxed in UK? All this amount is my savings from my salary in the previous years until June 2022.
2. I expect a delay in the payment of my end of service gratuity. I will re-locate to UK in June and will travel back to my current country of residence later in the year to complete the end fo service process and collect my gratuity. In this case the gratuity will be paid to me AFTER I have already moved to the UK. The gratuity is paid towards my end of service benefit for my employment prior to moving to the UK but the payout may happen after I have already moved to the UK. This also means I will be transferring the amount (approx GBP100,000) a few months after I have become a tax resident in the UK. Will this amount be liable to income tax in the UK?