Remitting money from offshore bank account

Postby taxhelp on Wed Feb 22, 2006 12:46 am

I have some money invested in New Zealand & would like to get it back to the UK without any tax implications. I won't need the money until later in the year or early next year. Could I send the money to my offshore current account in Channel Is, then open up a savings account (capital only) with the interest paid into the current account, & then at a later date remit the money to my UK bank account.
Would IR look at this as capital being remitted to the UK & thus no tax implications?
How long would I need to leave the money in the offshore account in Channel Is before remitting to the UK.
taxhelp
 
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Postby tax me less! on Wed Feb 22, 2006 2:06 am

To answer this we will need to know where you are domiciled, where you are resident, where you are ordinarily resident and the source of the funds...
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Postby taxhelp on Wed Feb 22, 2006 2:14 am

I am non domiciled & currently non resident. I will be going back to the UK shortly - I had a stint there for just over 4years & left late 2003. The source of funds are from tax paid salary while working in NZ.
taxhelp
 
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Postby tax me less! on Wed Feb 22, 2006 4:29 am

Great - this is all capital so can be brought to the UK whenever you like. Incidentally there is no need for a UK bank account since you can maintain capital and income accounts offshore...
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