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

Do I need to pay tax on money transferred to UK?

LittleB
Posts: 9
Joined: Sun Apr 07, 2019 2:11 am

Do I need to pay tax on money transferred to UK?

Postby LittleB » Sun Apr 07, 2019 2:32 am

Dear all,

My family moved to the UK from HK in Apr-2018. We are holding Tier One Entrepurence Visa and non-domiciled residences in the UK.

We have transferred some money from HK to the UK this year (2019) and that money was the saving that earned before we moved to the UK. I have a bank statement which can show that money already existed in my bank account before Apr-2018.

My questions are

1. Do I need to pay tax on that money transferred into the UK?
2. Do I need to report it in my self-assessment?

Thanks in advance for your advice.

AGoodman
Posts: 774
Joined: Fri May 16, 2014 3:47 pm

Re: Do I need to pay tax on money transferred to UK?

Postby AGoodman » Mon Apr 08, 2019 10:15 am

If you had all the money prior to 5/4/18 then no need to pay tax or notify.

If any interest has arisen on the money, that may be taxable.

LittleB
Posts: 9
Joined: Sun Apr 07, 2019 2:11 am

Re: Do I need to pay tax on money transferred to UK?

Postby LittleB » Mon Apr 08, 2019 11:10 am

Thanks AGoodman for your advice.


Return to “International Tax”