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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3831
Experience:  FCCA FCMA CGMA ACIS
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I have moved to the uk more than a year ago. I am here to stay.

Customer Question

I have moved to the uk more than a year ago. I am here to stay. I moved here so that i could live here with my wife to be. She has english ancestry and will be eligible for a uk passport. We are renting at the moment and would like to purchase a flat with my savings from germany. Will i have to pay tax when i bring the money into the uk?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Nice and easy for you, you won't have to pay UK tax to bring your own capital into the UK. Once here, if it earns interest then that interest will be liable to UK Income Tax. The only cost to you will be the appropriate fees charged by the banks for the transfer.

I do hope I have helped you with your problem.
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 3 years ago.
Hi Keith,
Thanks for your reply. Thatis what i was hoping to read. So there is no remittance tax for me? I canconsider myself being domiciled in this case?
Thanks andall the very best.
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.
Expert:  bigduckontax replied 3 years ago.
Sorry, just noticed you actually asked two questions I did not cover.

We don't have a remittance tax as such in the UK, although transfer of large sums may be checked by the authorities as a precaution against money laundering.

Domicile is actually quite difficult to achieve, takes about 1 years of residence before one is considered domiciled! You will definitely be classed as resident now though.

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