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Peter, Chartered Tax Advisor
Category: Finance
Satisfied Customers: 151
Experience:  Director at PDS Tax Limited
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Assistant: How can I help? i have money in an Isle of Mann

Customer Question

Hi There,
Assistant: Hi. How can I help?
Customer: i have money in an Isle of Mann account that was after tax money in South Africa that I took out legally with a tax clearance through the reserve bank of South Africa. I would like to know if I will be taxed if I bring it into the UK? Theoretically I shouldn’t because of the double taxation agreement but I want to be sure
Assistant: Have you talked to a financial professional about this?
Customer: I thought you were the professional that’s why I asked ?
Assistant: I'm just trying to get information to help you.
Customer: Oh I see, any information you can help me with would be appreciated
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: I have recently moved to the UK and await my tax number but would like to bring the money into the UK to use it is $250,000
Submitted: 4 months ago.
Category: Finance
Expert:  Peter replied 4 months ago.

Hi, my name is ***** ***** I am a Chartered Tax Advisor. I am reviewing your query and will reply shortly.

Expert:  Peter replied 4 months ago.

Please can you advise whether the assets in IOM have produced any income or capital gains since you moved to the UK?

Customer: replied 4 months ago.
No they have not. It is a non interest bearing account. Funds have remainded the same aside from a fee paid for a statement print out.
Expert:  Peter replied 4 months ago.

Thank you.

Generally speaking you only become subject to UK tax on income and capital gains once you become tax resident in the UK. Since this money relates to before you became resident you should be able to transfer the $250k to the UK without suffering any UK tax charges.

Please bear in mind that when you are UK resident you are subject to tax on your worldwide income and gains. You can be treated as a UK resident as early as the 6 April before you came to live in the UK.

If you have any further questions please let me know.

Kind regards


Customer: replied 4 months ago.
Hi Peter, I have not made any gains on the money and it was earned and tax paid on it prior to me moving to the UK. So can you confirm that I can bring it into the UK without incurring an additional tax seeing as it has been taxed at source and has not had any gains.
Customer: replied 4 months ago.
It was Taxed in SA and taken offshore, after that it did not make any gains. I just want to make sure I won’t pay tax bring it into UK
Expert:  Peter replied 4 months ago.

Hi. Yes, you can bring it to the UK without incurring any UK tax.

Kind regards, Peter

Expert:  Peter replied 4 months ago.

I hope my answer was helpful. If you have any further queries please let me know. If you have no further questions please be so kind as to rate my answer.

I look forward to hearing from you.

Kind regards, Peter