Remiiting funds to the UK

[kiwipom]

Hi,

I am a non resident/non domiciled currently living outside the UK but intend on arriving back later in the year (next tax year). I previously lived in the UK for just over 4years up until late 2003.
I would like to remit some funds that I have to my UK bank account.
The funds are currently sitting in a savings account earning interest (both capital & interest are within the same account).

As I am non resident/non domiciled, is there any tax or CGT issues I need to be concerned about here? Is there any advantage by remitting the funds before April 6 since I have not lived in the UK this tax year?

Secondly, is there any tax issues if my parents (also non resident/non domiciled) were to transfer some money to my UK account?
Does this get caught anywhere ie gift duty etc???
Thanks for help.

[Simon Sweetman]

Since you will have been out of the UK for less than three years you need to be careful that the IR does not see you as still ordinarily resident. However there is no problem about remitting funds to a UK bank account, and neither is there a problem if your parents remit funds to your account in the UK, as they are wholly outside of the UK tax system.

[kiwipom]

Thanks Simon.

What are the risks of remitting the funds? If they see me as still ordinarily resident what could I be liable for - the whole amount or just the income portion?
Am I better to send it back in small amounts over the the next 6mths - ie say 7-8k per mth or it doesn't matter?

Are you saying that if my parents transferred me money then there is no tax issues at all ie IR would not be concerned with this?

[tax me less!]

The item you discuss is complex:
1, Where did the money come from that you label as "capital"?
2, Did you have dual contracts or non-taxable earnings related to non-UK workdays during your previous stay in the UK?
3, What currency(ies) are you holding and have you made gains on the currency marked against Sterling?
4, Do you have non-UK capital gains in the funds?
5, Have you been in full-time employment overseas THROUGHOUT your time overseas?
6, Where will your parents get the money from?
Without this information I would not personally give the advice requested. In my opinion we do not have ednough detail yet.