Repatriating Overseas Income
3 posts • Page 1 of 1
by MikeR371b on Mon Sep 12, 2005 11:09 pm
I'm working abroad for a whole tax year so I'm not going to have to declare any earnings to the UK tax people. I'm paid into a local bank account (in euro), if I send some of this cash to a UK bank account would this count as UK earnings & hence have to be declared? Or would I have to wait until after the end of the tax year to transfer it to be safe?
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by tax me less! on Tue Sep 13, 2005 5:35 am
On the assumption that you do indeed break UK residence then it does not matter when you remit funds to the UK. The only UK tax at stake will be CGT if the currency you are paid in appreciates against Sterling between the day you receive it and the day you convert to Sterling. In practice this is likely to be covered by the annual CGT exemption.
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3 posts • Page 1 of 1
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