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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8593
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I have funds in overseas investments and want to know how I

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I have funds in overseas investments and want to know how I can get this money back into the UK without substantial costs in tax
JA: Have you talked to a tax professional about this?
Customer: That's what I thought I was doing now
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Last question I asked on here and paid for didn't get answered so am interested to see if this time I get a response.

Hello and welcome to JustAnswer. I’mCustomer a UK based qualified accountant and tax advisor. I’m here to assist you. I’m reviewing your question and will respond to you shortly.

please expand on your question

- nature of investments

- are you UK resident for tax purposes
Many thanks

Customer: replied 11 days ago.
I am now a UK resident. I have lived abroad for 14 years
Customer: replied 11 days ago.
I have paid UK tax during my time abroad as I have a flat that is let in London
Customer: replied 11 days ago.
I have a Friends Provident International investment.
Customer: replied 11 days ago.
I have an Utmost Wealth Solutions investment.
Customer: replied 11 days ago.
They are both based outside of the UK
Customer: replied 11 days ago.
I need advise to find out best solution to bring my money into the UK. In total they are worth approx. £158,000. I have been told there could be a huge tax bill for bringing money in. Please advise.

Thank you for your response.

If the investments were realised whilst you were still abroad and deemed non resident in UK for tax purposes then gains would not have been chargeable to UK gains tax.

Now that you are UK resident for tax purposes, you are taxed on your worldwide income and gains. Its not the value of the investments that would be taxed but only the gain made. IF you wish to mitigate on tax then you may wish to cash them spread over more than one tax year. If you are a higher rate taxpayer your worst scenario is CGT at 20%.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 11 days ago.
I am still deemed non resident until 15th August 2022. Is there a way of starting the process of getting the investments now so that I am not having to pay tax?
Customer: replied 11 days ago.
I don't really understand what you mean by 'it's not the value of the investments but only the gain made? How is this calculated if it's an investment outside of the UK?
Customer: replied 11 days ago.
This looks pretty urgent that I get this under way.

Thank you for your reply.

In your opening statements you said I am now a UK resident. If you are in the UK then how come you are treated non resident until 15 Aug 2022.

What did you pay for the investment irrespective of where the investment is held.. its the difference between your payments into the investment and the return that would be taxed

If you are non resident then you are right that its pretty urgent that the investment is converted into cash.

I hope this is helpful and answers your question.

Customer: replied 11 days ago.
The job that I had in Turkey is still valid until 15th August 2022. I am still employed by them.

There is a difference between being employed by a foreign company and actually working abroad. If you are already back in the UK then you are resident now in the UK.

I hope this is helpful and answers your question.

Customer: replied 11 days ago.
with current situation both investments have dropped an enormous amount in the last year and I am looking at a loss rather than a gain. Would it be better for me to leave the investments in place in current climate?
Customer: replied 11 days ago.
No, I am a resident of Turkey, with resident visa until 15th August.
Customer: replied 11 days ago.
Does this count or does it count as to when I flew back into the UK? It's a bit confusing.

Thank you for your reply.

If the investments are losing money then you may wish to hold on to these until the economic climate.

It matters when you flew back to the UK.

I hope this is helpful.

Customer: replied 11 days ago.
If I leave my money in the investments for a couple of years and I am living/residing in another country when I take the money out then I would be considered non resident again at that time. Correct?

That is correct.

If there are no other issues I will appreciate if we could regard this question as answered.

Many thanks,

Customer: replied 11 days ago.
Thanks for your help. Much appreciated.

Thank you for your kind words.

I will appreciate if we could regard my responses/answer to this question as accepted.

Many thanks

taxadvisor.uk and other Tax Specialists are ready to help you

I thank you for your 5-star rating.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.