How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15328
Experience:  International tax
14155347
Type Your Tax Question Here...
TaxRobin is online now

My wife and I have been non resident for tax purposes for many

Resolved Question:

My wife and I have been non resident for tax purposes for many years and have recently returned to the UK and retired. Prior to returning to UK we have realized our savings and property investments abroad, and would like to know if we can transfer this money into our UK bank from Singapore without incurring tax? Also, if I use this money from my UK bank account to supplement my pension over time, will I be subject to tax?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
Moving money in itself will not cause a UK tax position to arise. Generally, if you move money that has been saved from another country earnings, then this would have been considered for tax at the time in that country, and accumulated at a time when you have been treated as not resident in the UK, so it can be brought back into the UK with no tax consequence.
Interest earned on the amount in the UK will be subject to taxation. Savings interest normally has tax taken off at 20% before you receive it. If you're a higher rate (40%) or additional rate (45%) taxpayer, you'll owe tax on the difference. If you have a low income you may be able to claim tax back.
Customer: replied 2 years ago.
Thanks. If I use this money to supplement my pension is there any limits on how much I can use in one tax year.
Expert:  TaxRobin replied 2 years ago.
No there would not be any limit that you could take out of your savings to supplement your living expenses.
TaxRobin and other Tax Specialists are ready to help you

Related Tax Questions