CGT on delayed repatriation of savings?

Tassie_Devil

Let's say I'm a UK citizen moving back to the UK permanently after ten years living and working abroad ,and am not a UK tax resident prior to returning.

Prior to moving back, whilst still a foreign resident for tax purposes, I liquidate all my assets and am left with cash in my foreign bank.

I then move back to the UK but I want to delay moving my cash back to the UK in the hope of a better exchange rate.

I know that FX gains are taxable but is there some defined "grace period" within which I have to move my money back to the UK or are any potential gains taxable from day 1 of my return?

Keep_pedalling

I don’t know the answer, but why would you take a gamble in FX going one way When it could just as easily go the other?

jimmo

CG78321 - Foreign currency: foreign currency bank accounts - periods from 6 April 2012 - HMRC internal manual - GOV.UK (www.gov.uk)

Albermarle

Keep_pedalling said:

I don’t know the answer, but why would you take a gamble in FX going one way When it could just as easily go the other?

Although might make sense to convert some now and some later, to hedge your bets.

Tassie_Devil

jimmo said:

CG78321 - Foreign currency: foreign currency bank accounts - periods from 6 April 2012 - HMRC internal manual - GOV.UK (www.gov.uk)

Many thanks!