This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Bring capital in Spain to the UK

langelsanti
Posts: 1
Joined: Tue Jul 10, 2018 2:55 pm

Bring capital in Spain to the UK

Postby langelsanti » Tue Jul 10, 2018 3:01 pm

Hi forum,
My question is around what the process is to bring some capital to the UK.
I am an EU citizen who has lived in the UK for almost 4 years, so I’m non-dom for the time being. I have been working in the UK and paying taxes here for the last 4 years. I have some money invested in funds in my home country (Spain) that have been yielding profit for almost 10 years. I have never withdraw any money from the funds yet. However, I would like to buy a house in the UK and I would like to bring some money to pay for the deposit.
I would like to understand how and how taxes will need to be declared. What’s the process and the law? I understand that only capital gains will need to be taxed.
Thank you so much

maths
Posts: 7405
Joined: Wed Aug 06, 2008 3:25 pm

Re: Bring capital in Spain to the UK

Postby maths » Wed Jul 11, 2018 6:15 pm

Presumably whilst you have been UK resident you have claimed the remittance basis as a non-dom. If so then your Spanish source income and gains made will be subject to UK tax on remittance to the UK.

However, if monies earned whilst UK resident have been credited to the same account as monies accumulated before you came to the UK then you have a so-called "mixed account" and there are rules which dictate what exactly is remitted therefrom.

Cleansing may be considered.


Return to “International Tax”