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, I have a question on double taxation. I am a citizen of

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Hi, I have a question on double taxation. I am a citizen of Azerbaijan, but work full time in the UK and pay my income tax in the UK. If I earn interest on a bank savings account in Azerbaijan, and then transfer this interest back to the UK, will I have to pay tax on that on top of the Azerbaijani tax?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I'm Keith and happy to help you with your question.
There is a Double taxation Convention between the UK and Azerbaijan which precludes the same income stream being taxed in both jurisdictions. This is achieved by means of tax credits, the tax paid in one country being allowed as a tax credit against any liability in the other. The Convention does not protect an individual from variations in tax rates between countries.
The transfer of interest to the UK does not, in itself, attract taxation here though if the sums are substantial you should warn off your UK bank of the transfer to preclude any money laundering investigation.
As you are an UK resident this interest should almost certainly have been declared for tax on you annual self assessment tax return and the Azerbaijan tax credit claimed to offset the UK liability. You may need to make your peace with HMRC on this matter.
I do hope that I have been able to shed some light on your question.
bigduckontax, Accountant
Category: Tax
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Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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