Repatriating funds to UK after 5 years abroad

Rainyday

I am returning to live in the UK after 5 - 6 years abroad.

I have a lump sum of savings on which I've paid tax on the original earnings in a country with double taxation agreements with the UK.

Will I have to pay UK tax on this lump sum if I repatriate it? It is not profits from sale of property or asset so not sure CGT even applies?

Many thanks

regards

pjclar02

Hello there

Capital gains tax will not apply if this is purely money saved, and interest earned thereon.

Whether some or all of the interest will be liable to UK income tax will depend upon a number of factors - predominantly when you will become resident again in the UK and where the account is based.

However, in answer to your specific question there will be no tax on the repatriation of the funds.

Hope this helps.

xylophone

http://www.hmrc.gov.uk/taxon/foreign.htm