How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4959
Type Your Tax Question Here...
bigduckontax is online now

Been out of the uk yrs and now about to return. I want

This answer was rated:

Been out of the uk for 12 yrs and now about to return. I want to transfer cash into my uk account, will I be taxed on this. Are there levels of cash transfer that you are taxed upon. Appreciate any input
Hello, I'm Keith and happy to help you with your question.
Let us get rid of a couple of things first. When you left our shores did you send a form P85 to your tax office? If you did not then you should do so immediately. There is no time limit as to its submission, it is available on the web and can be filed on line. HMRC will then class you as non resident. When you return tell them you are home and they will split your arrival year into two portions, one non resident and the other resident.
There are tax implications in transferring bank balances. However, if the sums are substantial then you should warn your UK bank of their arrival to preclude any money laundering inquiry. Once in the UK you will be liable for tax on any interest earned, but most deposit takers deduct tax at the basic rate unless advised otherwise.
I do hope I have been able to set your mind at rest on this matter.
Customer: replied 3 years ago.

thk you for yr reply, can you tell me the tax implications when you transfer cash balances...rgds

None, such transfers are outside the scope of UK taxation. I did say in my answer:
'There are tax implications in transferring bank balances.'
Please be so kind as to rate me before you leave the Just Answer site.
bigduckontax and other Tax Specialists are ready to help you
Thank you for your support.