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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have dual nationality - Australian/British. After 14 years

Resolved Question:

I have dual nationality - Australian/British. After 14 years I'm returning to the UK and will be transferring around AUD400K to the UK to purchase a house and supplement my UK state pension. I assume I won't have to pay tax in Australia as the transferred funds will comprise of my share of equity in a house and my Australian superannuation Fund. (I'm over 65). Will I have to pay tax on the transferred funds on arrival in the UK, and does it make a difference if I transfer the money before or after arrival in the UK?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.
I am UK based tax expert on this site.
Any capital or savings transferred to the UK would not be chargeable to direct taxes in the UK. It would make no difference whether you transfer these funds before or after arriving in the UK.
As the sums involved are large, you should make your receiving bank in the UK aware of the impending transfer to comply with money laundering regulations.
Any interest earned on the capital and/or gain made on investment once you are in the UK would be chargeable to UK tax.
I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Thank you for your answer and your quick response. It's as I thought, but I feel happier having had my understanding confirmed by a specialist. Kind regards, Dale

Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.
Best wishes.

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