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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am transferring a deposit property from and Australian

Resolved Question:

Hi I am transferring a deposit for a property from and Australian bank account (money in AUD, in my name) to the UK. Could you please advise of any tax implications on this?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Are you a UK resident for tax purposes but not a UK national? How long have you lived in the UK? How much non-UK income and gains do you receive annually? Do you bring this into the UK? What is the source of the cash you wish to bring into the UK?
Customer: replied 1 year ago.
I live in the UK and am permanently full time employed here and have been since 2013. I am on a 5 year ancestry visa at the end of which I am eligible to apply for indefinite leave to remain. I have 4 years remaining on this visa, and have lived in the UK for 2.5 years (first year and a half on a youth mobility visa). My salary is £40k plus a 15% bonus.I make some money in Australia currently as a portion of the money was in shares, this amount was approximately AUD2000 per year however now those shares are all sold. I don't bring that money to the UK. The cash was paid originally as part of an insurance settlement regarding a personal injury. The amount is approximately £70k.
Expert:  TonyTax replied 1 year ago.
Thanks. Assuming that the personal injury payment was made before you came to the UK, you can bring that in without any UK tax implications. Sometimes, part of a payment such as the one you received may be for loss of earnings or interest for the delay in settlement and that part could be taxable. However, assuimng this was all settled before you came to the UK, you need not worry about UK tax. You might take a look at RDR1 here, in particular section 9 on remittances to the UK. I hope this helps but let me know if you have any further questions.
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Expert:  TonyTax replied 1 year ago.
Thanks for accepting my answer. I have to go out for about 30 minutes but I will be back to answer any follow up questions that you may have.