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Moving earnings back to UK

Moving earnings back to UK

Old Aug 1st 2007, 4:40 am
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Default 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
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Old Aug 1st 2007, 4:45 am
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Default Re: Moving earnings back to UK

Originally Posted by BatPewPew
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.
No tax on capital entering the United Kingdom.
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Old Aug 1st 2007, 7:47 am
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Default Re: Moving earnings back to UK

Originally Posted by JAJ
No tax on capital entering the United Kingdom.
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!
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Old Aug 1st 2007, 8:31 am
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Default Re: Moving earnings back to UK

That sounds like a heart attack moment, dunroving. Anyway, thanks to you and JAJ for the reassurance...
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