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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Myself and husband are British but have not lived in the UK

Resolved Question:

Myself and husband are British but have not lived in the UK for more than 5 years.
Do we have to pay tax on any savings(earned from overseas)which we put into UK banks?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.Let me take a look at this and I'll get back to you.
Expert:  TonyTax replied 1 year ago.
Hi again.Whilst bank interest earned by non-UK residents from UK bank accounts is taxable, it will normally be covered by the personal allowance of the recipient and tax repayment claim would need to be made. As an alternative, you could apply to have the interest paid gross by competing a form R105 for each bank or building society that you deal with. You should be aware, however, that not all banks and building societies will accept these and will deduct tax from the interest. The R105 is here:https://www.gov.uk/government/publications/income-tax-application-for-a-not-resident-saver-to-receive-interest-without-tax-taken-off-r105I hope this helps but let me know if you have any further questions.
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Customer: replied 1 year ago.
The tax on the interest of savings in the bank - I understand.
What I don't know is: should I pay tax on ,for example, 30,000 pounds that I have transferred from overseas to Barclays bank UK?
I have read some stuff and I think I am not UK domiciled.
Expert:  TonyTax replied 1 year ago.
You won't have to pay tax on the £30,000 that you have invested in the UK. You are probably UK domiciled and, as such, your worldwide estaes will potentially be liable to Inheritance Tax when you die. Take a look here for information on domicile in section 5 here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/464664/RDR1_FB15_updates_RB_and_CGT.pdf
Customer: replied 1 year ago.
Thank you. You are correct, I am UK domiciled.
Expert:  TonyTax replied 1 year ago.
Thanks.