6

When transferring the past few years of savings from working overseas (over £25,000) to my account in the UK. This is my savings from income I received over the past several years while working outside of the UK, until now I have never worked in the UK or been a 'resident for tax purposes' in the UK.

What do I need to know about so that this income does not get taxed?

Is it enough to have printed bank statements showing my savings over the past 12+ months or do I need to do something more?

  • 3
    I suggest starting here: hmrc.gov.uk/taxon/foreign.htm - which tax year will be your first tax year of residence here, and will the savings already be transferred before that? HMRC are usually very helpful on the phone so you could try calling them: search2.hmrc.gov.uk/kb5/hmrc/contactus/… – Vicky May 12 '14 at 11:15
  • What income are you referring to? – Steve Melnikoff May 14 '14 at 14:21
  • @SteveMelnikoff this is income I received over the past several years while working outside of the UK, until now I have never worked in the UK or been a 'resident for tax purposes' in the UK. – T0ny May 15 '14 at 10:21
  • 1
    I have decided to seek tax support assistance from Ernst & Young and will answer with the process involved when I know it. – T0ny May 15 '14 at 10:23
1

An update for anyone looking this up, I am still working through all the details but I can answer the question as far as Stack Exchange will go.

In this situation the answer and processes involved greatly differs based on the personal circumstances of the person asking the question.

Best to seek qualified tax advice than relying only on a forum as they are able to be more accurate and descriptive than any reply that you might receive.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.