Paying tax on money from uk
 

please can anyone advise me, we have been here a few months before coming here we sold our house, brought the money with us and locked it up in a bond as its to put towards another house, my hubby is now working so will pay tax although its a low income i would think he's not taxed alot, what i wanted to know will our house savings be taxed and do we declare it one this tax form i believe everyone gets.

Re: Paying tax on money from uk
 

Yes you have to pay tax on all saving. No tax is taken from the interest payments you recieve by the banks they send you a statement at the end of the tax year 31 June stateing how much interest you have earned, you then have to enter this on your tax return (it will be added to your earned income to calculate how much tax you have to pay).

The tax office will send you a return stateing how much is owed (if any) and give you about 6 months to pay it. If your bond only pays interest at maturity you won't have to declare it untill you recieve the interest.

Say it matures on 1 July 2005 you won't have to declare it untill you return your 2005/06 tax return next year. Say it matures 30 June 2005 you declare it this year. Timing is everything.