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Where Taxpayers and Advisers Meet

Indian Expat - Fund transfer from UAE to UK

vinay
Posts:2
Joined:Sat Sep 04, 2021 3:37 am
Indian Expat - Fund transfer from UAE to UK

Postby vinay » Sat Sep 04, 2021 3:41 am

HI,

Currently, I am an Indian Citizen working for a company in the UK (Tier 2 General visa) as a scientist from Jan 2020.
Between the Year 2000 - 2018, I was working in UAE and my earnings (source: savings from salary) are in my UAE HSBC bank account.

Now that I am in the UK and planning to apply for UK citizenship in the Year 2026, I would like to transfer my earnings in UAE HSBC account to the London HSBC account.

Will I be taxed in the UK for the above fund?

Thanks,
Vinay

AGoodman
Posts:1286
Joined:Fri May 16, 2014 3:47 pm

Re: Indian Expat - Fund transfer from UAE to UK

Postby AGoodman » Wed Sep 08, 2021 2:54 pm

No, any income you received in tax years prior to becoming UK resident are considered capital from a UK perspective and not subject to tax here.

If your Dubai account has accrued any interest while you have been UK resident, that should be declared/taxed as income for the relevant tax year. You could still take advantage of the savings allowance, which is £1000 for basic rate taxpayers and £500 for higher rate taxpayers, meaning any such interest is likely to be under the threshold unless you have a high balance or very good rates.

vinay
Posts:2
Joined:Sat Sep 04, 2021 3:37 am

Re: Indian Expat - Fund transfer from UAE to UK

Postby vinay » Thu Sep 09, 2021 6:18 pm

Hello Good man,
Thanks a lot for your advice.
Just to be on a safer side if any questions arise from concerned authorities in future, is there a gov website available in UK for me to refer about the same?

thanks,
Vinay


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