Moving earnings back to UK
Jul 31st 2007, 3:40 pm
#1
Just Joined
Thread Starter
Joined: Jul 2007
Posts: 2
Moving earnings back to UK
Hi all
I am moving back to UK in September after 4 years living and working in Malaysia. I have about GBP20,000 in savings that I earned out here... will there be any tax issue when I transfer it back to my UK bank account? The money was entirely earned in Malaysia and has already been taxed here.
Cheers
Tim
I am moving back to UK in September after 4 years living and working in Malaysia. I have about GBP20,000 in savings that I earned out here... will there be any tax issue when I transfer it back to my UK bank account? The money was entirely earned in Malaysia and has already been taxed here.
Cheers
Tim
Jul 31st 2007, 3:45 pm
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: Moving earnings back to UK
Hi all
I am moving back to UK in September after 4 years living and working in Malaysia. I have about GBP20,000 in savings that I earned out here... will there be any tax issue when I transfer it back to my UK bank account? The money was entirely earned in Malaysia and has already been taxed here.
I am moving back to UK in September after 4 years living and working in Malaysia. I have about GBP20,000 in savings that I earned out here... will there be any tax issue when I transfer it back to my UK bank account? The money was entirely earned in Malaysia and has already been taxed here.
Jul 31st 2007, 6:47 pm
#3
Ping-ponger
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,025
Re: Moving earnings back to UK
Ditto.
I talked with an IFA/mortgage advisor shortly after returning and during our conversation about mortgage deposit, money I was bringing back from overseas, he said, "Of course, you'll be taxed by the government on any money you bring back to the country". It took about three different questions during whihc my heart rate got faster and faster before he clarified that he meant I'd be taxed on any interest that accrued on the money after I brought it back. Big difference!
I talked with an IFA/mortgage advisor shortly after returning and during our conversation about mortgage deposit, money I was bringing back from overseas, he said, "Of course, you'll be taxed by the government on any money you bring back to the country". It took about three different questions during whihc my heart rate got faster and faster before he clarified that he meant I'd be taxed on any interest that accrued on the money after I brought it back. Big difference!
Jul 31st 2007, 7:31 pm
#4
Just Joined
Thread Starter
Joined: Jul 2007
Posts: 2
Re: Moving earnings back to UK
That sounds like a heart attack moment, dunroving. Anyway, thanks to you and JAJ for the reassurance...
