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Where Taxpayers and Advisers Meet

Bringing in foreign savings to start UK Buy and Let LLP business

claraberg
Posts:2
Joined:Mon Apr 25, 2022 1:39 pm
Bringing in foreign savings to start UK Buy and Let LLP business

Postby claraberg » Mon Apr 25, 2022 1:48 pm

Good afternoon. I am a foreign residing and working in the UK for the last 13 years. On top of my teaching job, I want to start a Buy to Let business in Scotland to invest in the UK which I love so much and leave something to my kids in the future. Am I allowed to bring in some old savings from overseas earned about 30 years ago and left untouched in order to buy my first buy to let property? Thanks a lot for your time spent on an answer. Kind regards. Aline.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Bringing in foreign savings to start UK Buy and Let LLP business

Postby AGoodman » Tue Apr 26, 2022 10:14 am

Yes, there is no tax on simply bringing money here except in very limited circumstances which will not apply to you.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Bringing in foreign savings to start UK Buy and Let LLP business

Postby maths » Tue Apr 26, 2022 5:01 pm

Have you been claiming remittance basis treatment?

claraberg
Posts:2
Joined:Mon Apr 25, 2022 1:39 pm

Re: Bringing in foreign savings to start UK Buy and Let LLP business

Postby claraberg » Tue Apr 26, 2022 8:54 pm

Have you been claiming remittance basis treatment?
No, I never claimed remittance basis. I had never even heard of that term until 3 years ago.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Bringing in foreign savings to start UK Buy and Let LLP business

Postby maths » Tue Apr 26, 2022 10:31 pm

If you have not claimed remittance basis treatment then any monies earned on your overseas monies (eg interest on cash deposits; dividends on shares) would need to have been disclosed and taxed in the UK even if such monies remained overseas.


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