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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am currently a non-uk resident and have been for 3 consecutive

Resolved Question:

I am currently a non-uk resident and have been for 3 consecutive full tax years. I am planning to return to the UK half way through the 2014/2015 tax year, my understanding is I will qualify for split year treatment. However, I have cash held in an offshore account that contains accumulated surplus earnings whilst outside of the UK. I now wish to repatriate these funds. Should I repatriate these funds to the UK now whilst non-uk resident or when I become a UK resident later this year? I intend to take up UK residency 30/10/2014.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

You can repatriate the funds to the UK once you have become UK resident for tax purposes later this year if you wish. You should be aware that any interest earned on these funds post becoming a UK resident would be chargeable to UK income tax.

In light of this, you may wish to repatriate them just before becoming a resident.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.


Customer: replied 3 years ago.

Hi and thanks for the prompt response. I understand the interest earned will be liable for UK tax when I become resident whether its held onshore or offshore.


 


My concern really is whether repatriation of the capital, that is essentially overseas income, mid tax year will cause me any problems?

Expert:  taxadvisor.uk replied 3 years ago.
Adam, thank you for your reply.

Repatriation of accumulated capital (overseas income/savings) will not cause any problems as it was earned whilst outside the UK as non resident for UK tax purposes.

I hope this is helpful and answers your question.
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