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Tax on money abroad
jacquij123
Posts: 188 Forumite
in Cutting tax
I inherited approximately 25,000 GBP around ten years ago. This has been kept since that time in a swiss bank account. (I am swiss although resident in the UK) It has been used for when I am in Switzerland and is now reduced to around 5000 GBP. I have recently had a letter from the tax office saying that they are investigating the tax position on this account. I have never declared it as I didn't realise I have to. Any idea what my tax liability will be?
Any help will be much appreciated. Thank-you
Any help will be much appreciated. Thank-you
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jacquij123 wrote: »I have never declared it as I didn't realise I have to. Any idea what my tax liability will be?
Any help will be much appreciated. Thank-you
You would be required to pay tax on the interest you have gained on this money. Assuming you have other income then this would be 20% or higher depending on your total income.
Is tax taken off in Switzerland like it is in bank accounts here?0
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