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Where Taxpayers and Advisers Meet

Overseas savings to pay off UK mortgage - issue?

zzan
Posts:2
Joined:Sat Jun 12, 2010 3:45 pm
Overseas savings to pay off UK mortgage - issue?

Postby zzan » Sun Apr 10, 2016 9:35 am

Hi,
I am a British expat, living and working in Singapore for the last 4 years. I have a property in the UK that I rent out and have a UK mortgage on the property. I have decided that I would like to pay off my UK mortgage with savings I have in Isle of Man/Jersey accounts which I accumulated from my work in Singapore over the last 4 years. However, I want to understand what my UK tax position is if I take this action - will I have to be taxed on the monies I remit into the UK to pay off the UK mortgage? Do note that each year I do file UK tax returns for earnings I make in the UK on property rental, savings and UK shares.
Any advise on this matter would be much appreciated.
Thanks

section 44
Posts:4467
Joined:Thu Oct 30, 2008 12:47 pm

Re: Overseas savings to pay off UK mortgage - issue?

Postby section 44 » Thu Apr 21, 2016 10:54 am

will I have to be taxed on the monies I remit into the UK to pay off the UK mortgage?
no


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