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Adam Hunt
Adam Hunt, Accountant
Category: International Tax
Satisfied Customers: 453
Experience:  FCCA, FFA, FFTA
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I am planning to buy a home in London. I have my savings in

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Hi , I am planning to buy a home in London. I have my savings in India and also in the US. These savings are all properly accounted for and taxes paid in the respective countries. If I move this money into the UK to pay for the downpayment, will I attract any tax in the UK ?

Hi I am one of the experts. If this is already taxed money then you might need to give evidence to prove that for money laundering purposes. If this money is just a transfer then should not attract tax.

HOpe answered your question. Please rate me before you leave.

Customer: replied 3 years ago.
Could you please elaborate ? What sort of evidence would you then look for? Bank statements to prove that the money has been there for some time and the source of funds (salary etc?)

It will be part of your Bank transfer where required. Someone can ask you to provide.

Generally speaking, you need details of tax return submission and tax paid details.

Customer: replied 3 years ago.
OK, but when I was browsing online, I saw some mention about my being a UK Domicile or not and this could impact whether or not I am taxed, hence I want to be sure. I am a naturalised US Citizen, born and raised in India and been living in the UK for the last 4-5 years

If you are ordinarily resident in the UK then you need to declare your worldwide income in the UK via self-assessment. But you are talking about savings. Savings are not income.

Hope this info is useful. Please do rate me so that i will be grateful

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Thank you so much