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Abu Dhabi resident moving back to UK. How to avoid tax on savings?

Abu Dhabi resident moving back to UK. How to avoid tax on savings?

Old Mar 4th 2014, 5:19 pm
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Question Abu Dhabi resident moving back to UK. How to avoid tax on savings?

Hi, I am new to the forum and just have a few questions. My wife and I are moving back to the UK after 5 years of living in Abu Dhabi. We will be moving back as UK residents. Over the 5 years we have managed to save quite a bit and really dont want to pay tax on those savings.

We moved here on 24 August 2009 and will be returning to UK on 18 August 2014.

We own a house in UK and have been renting it out since we moved. The rent does not cover the mortgage so we have not been making any money on it. We have been sending a little amount back each month to cover the remainder of the mortgage.

We have moved some of the savings to an offshore account and the rest left in a UAE account.

I would like to move all the money to an account in the UK, but do not want to be taxed on the savings.

Sorry for the length of the post but I thought I would give as much detail as possible so you could let me know exactly what I have to do.

My question is: Can I move my money from the UAE account and Offshore account to the UK account without paying tax?

Thanks in advance.
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Old Mar 4th 2014, 5:22 pm
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Default Re: Abu Dhabi resident moving back to UK. How to avoid tax on savings?

i believe that all monies made here are non taxable, but be aware there are rules about transferring money from accounts to do with money laundering etc so you may need to fill them in. you do not pay tax on your salary here as long as you are non resident and until recently out of the country for one tax year. of course that has changed since. it will take time to close down your account here. meow is the one that will be able to tell you the recent rules etc.
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Old Mar 5th 2014, 5:27 am
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Default Re: Abu Dhabi resident moving back to UK. How to avoid tax on savings?

Originally Posted by TimmyT View Post
Hi, I am new to the forum and just have a few questions. My wife and I are moving back to the UK after 5 years of living in Abu Dhabi. We will be moving back as UK residents. Over the 5 years we have managed to save quite a bit and really dont want to pay tax on those savings.

We moved here on 24 August 2009 and will be returning to UK on 18 August 2014.

We own a house in UK and have been renting it out since we moved. The rent does not cover the mortgage so we have not been making any money on it. We have been sending a little amount back each month to cover the remainder of the mortgage.

We have moved some of the savings to an offshore account and the rest left in a UAE account.

I would like to move all the money to an account in the UK, but do not want to be taxed on the savings.

Sorry for the length of the post but I thought I would give as much detail as possible so you could let me know exactly what I have to do.

My question is: Can I move my money from the UAE account and Offshore account to the UK account without paying tax?

Thanks in advance.

If the monies represent income then no issue if you transfer before becoming UK resident for tax purposes again. If the monies are capital then no issue of you have been UK non-resident for five full tax years.

You may want to drop me a line (see link in signature for info) to clarify and I can also give you details of the most cost effective way of transferring the money to the UK.
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Old Mar 15th 2014, 9:28 am
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Default Re: Abu Dhabi resident moving back to UK. How to avoid tax on savings?

sorry for late reply, I have been away and unable to access the site. I appreciate your replies. The money is from saving the salary, So would I need my work to create a letter stating my salary etc. We do not receive payslpis or anything like that.
Meow, I will drop you an email regarding the best way to send the money back.

Thanks again for all your help
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