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Sam
Sam, Accountant
Category: Tax
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Could you please tell me the tax implications UK

Resolved Question:

Hi
Could you please tell me the tax implications for a UK tax resident compared to a non-tax resident who brings in money from abroad. How do they get taxed?
Thanks
Paul
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi
Thanks for your question
A non UK resident can send money to the UK and there are no tax implications if this money did not arise or orginate from the UK
A UK resident will always be considered for tax on any money that comes into the UK, unless its a gift or from money earned before they came to be resident in the UK.
So there are variables, if you can advise when this money arose, where its coming from and why and any relevance of residency and non residency in the UK, I can give a firmer answer for you.
Thanks
Sam
Customer: replied 1 year ago.

I thought there was a fee such as £90,000 that could be paid by the individual bringing money from abroad and after that it would be tax-free.

Is that true?

Expert:  Sam replied 1 year ago.
Hi Paul
No - I think you are refering to remittance basis charges which is when none of the income is brought into the UK by a Non UK domiciled individual - but so they do not have to declare the income they opt to pay this charges instead
https://www.gov.uk/government/publications/increase-to-remittance-basis-charge
But if you live in the UK (regardless of your domicile) and you bring ANY money into the UK, then its all liable to UK tax along with other UK income arising, and then you get your UK tax free allowances (as long as your income combined is less than £100,000) on the first £10,600 then the remainder is charged at the appropriate rates of tax.
BUT some money brought into the UK will not be liable to tax, due to how it arises, which is why I ask if you can advise when this money arose, where its coming from and why and any relevance of residency and non residency in the UK, I can give a firmer answer for you.
Thanks
Sam
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