Savings brought to UK subject to taxation?
Jun 30th 2015, 5:06 am
#1
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Savings brought to UK subject to taxation?
I have always been under the impression that, whereas we pay income tax on any interest in bank accounts and on any income here and being transferred from abroad, such as pension, no tax would be payable on savings brought to the UK. There are several applicants, some retirees, who apply for spousal visas using the savings route and I am wondering if they have transferred their savings to a UK bank account and if they expect to pay tax on those savings? Mind you, I believe that, as long as you are domiciled in the UK, you would have to pay income tax on any income whether here in the UK or abroad. Confused!
Jun 30th 2015, 5:54 am
#2
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Re: Savings brought to UK subject to taxation?
Tax is payable on income, not capital.
Jun 30th 2015, 6:57 am
#3
Joined: Feb 2012
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Re: Savings brought to UK subject to taxation?
You'll pay tax on any interest earned on those savings but not the savings themselves.
Jul 1st 2015, 5:12 am
#4
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Re: Savings brought to UK subject to taxation?
Thank you both!
