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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4940
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Im a uk pensioner and i have money overseas 85k that i want

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im a uk pensioner and i have money overseas 85k that i want to transfer it to my account in uk to help me buying my first home in uk . i would like to know is this money taxable if its in my account and do i have to declare it to the tax office and if i have to pay tax for it is there is a way i can avoid paying it .. many thanks
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.
Transfer of funds from your savings held in an overseas bank account would not be taxable in the UK when you remit them to your bank account in the UK. You won't have to declare the amounts in your tax return.
You should declare any income that your receive from your capital investments, whether they are arising in the UK or overseas.
I would advise you to however notify your bank here of impending transfer to satisfy Money Laundering Regulations.
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 1 year ago.
by not declaring this money amount to the tax office are you welling to give me insurance that you will be responsible if i get charges from tax office and this information is wrong. many thanks
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
Funds held in overseas bank accounts, that have accumulated from earnings abroad and/or savings, these funds would have been taxed at source if there is taxation in the country concerned.
You don't declare remittances of those funds to the UK, but you should declare any income that arises from those funds.
I can give you assurance that you don't have to declare these funds to the tax office.
As a UK resident for tax purposes, you are taxed on income/gains arising worldwide and not on transfer of capital from one country to another.
I hope this is helpful.
Customer: replied 1 year ago.
thanks for the assurance
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it by Just Answer.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4940
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
Best wishes.

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