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Hello, I am a French National, UK Resident (living/working

Customer Question

Hello, I am a French National, UK Resident (living/working and paying Income tax in the UK) - I would like to understand the tax implications of moving my savings from France to the UK. I understand from HRMC and ESD that the capital will not be taxed but any interest earned will be, which makes sense. But I would like confirmation. Thank you
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
The information you have received is absolutely correct. The transfer of funds to the UK is outside the scope of UK taxation, but once you invest the funds transferred in the UK then any income or ultimate capital gains made would be taxed. It is always advisable to warn your bank of the incoming funds, particularly if the amount is large, to preclude any money laundering investigation which the transfer might trigger.
I do hope I have put your mind at rest on this matter.
Customer: replied 2 years ago.

Hi Keith

Many thanks - if I can ask could I perhaps ask you where I can find the source of regulation that I can refer to ?

Many thanks

Frances

Expert:  bigduckontax replied 2 years ago.
You don't need too Frances, such transactions are commonplace and have never been affected by UK taxation. In the days of exchange control, maybe, but those days are long gone.
Presumably you now consider yourself to be domiciled in the UK. If this is indeed the case then Grant Thornton have the following advice:
'For most UK-domiciled individuals it is likely that there are no tax implications on bringing funds to the UK.'
bigduckontax, Accountant
Category: Tax
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Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.

Thank you for your excellent support.

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