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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 16549
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have move to the UK last year from India. I am filing tax

Customer Question

I have move to the UK last year from India. I am filing tax on a remittance basis in the UK. I have to bring money from India (which is in fixed deposit) to buy a house in the UK. This money was generated from my employment income previously in India. How do I have to declare this and what taxes I have to pay on this in the UK?
Submitted: 15 days ago.
Category: Tax
Expert:  Virtual-mod replied 14 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 14 days ago.
Ok I think we need to find a tax advisor in the UK for this.
Customer: replied 14 days ago.
I am fine to wait for it
Expert:  Sam replied 14 days ago.

Hi

if you are bringing this money into the UK then we gave to consider whether remittance basis is permissible so when ddi you arrive in the UK and whats dates does this income created span from and to
Thanks

Sam

Customer: replied 14 days ago.
Thanks Sam, I have arrived In the UK in Nov 2020. This income is from my previous employment in singaproe from 2016-2019. Though would have earned nominal interest on that over the period and also from 2019 to 2021.
Expert:  Sam replied 14 days ago.

Hi

Then the money (Capital) itself has no tax consequence just the interest earned but as you arrived in the UK justlast year if the interest is less thsn £300 a year then you still have nothing to declare

Just alert your bank in the UK of this transfer so they can carry out the required money laundering checks on it

Thanks

Sam