Question re UK taxes
#1
Just Joined
Thread Starter
Joined: Apr 2017
Posts: 3
Question re UK taxes
Dear all,
I am from the UK and moved to Dubai in April 2012 (several days after the new tax year began). I plan to return later to the UK later this month, but at the time of leaving I did not notify HMRC as I wasn't sure how long Id be abroad for. Once it became clear that I would be staying permanently once I had completed my probation period, I sent a letter to HMRC to notify them that I had moved to the UAE. I have heard nothing back since and have remitted money to my UK bank account and pension periodically. I also have an offshore bank account.
I have not spent 90 days in the UK in any of the years since I left.
I know this question will crop up a lot, but can I safely transfer funds from my UAE bank account and offshore account back to the UK without being taxed?
I am from the UK and moved to Dubai in April 2012 (several days after the new tax year began). I plan to return later to the UK later this month, but at the time of leaving I did not notify HMRC as I wasn't sure how long Id be abroad for. Once it became clear that I would be staying permanently once I had completed my probation period, I sent a letter to HMRC to notify them that I had moved to the UAE. I have heard nothing back since and have remitted money to my UK bank account and pension periodically. I also have an offshore bank account.
I have not spent 90 days in the UK in any of the years since I left.
I know this question will crop up a lot, but can I safely transfer funds from my UAE bank account and offshore account back to the UK without being taxed?
#2
Re: Question re UK taxes
Dear all,
I am from the UK and moved to Dubai in April 2012 (several days after the new tax year began). I plan to return later to the UK later this month, but at the time of leaving I did not notify HMRC as I wasn't sure how long Id be abroad for. Once it became clear that I would be staying permanently once I had completed my probation period, I sent a letter to HMRC to notify them that I had moved to the UAE. I have heard nothing back since and have remitted money to my UK bank account and pension periodically. I also have an offshore bank account.
I have not spent 90 days in the UK in any of the years since I left.
I know this question will crop up a lot, but can I safely transfer funds from my UAE bank account and offshore account back to the UK without being taxed?
I am from the UK and moved to Dubai in April 2012 (several days after the new tax year began). I plan to return later to the UK later this month, but at the time of leaving I did not notify HMRC as I wasn't sure how long Id be abroad for. Once it became clear that I would be staying permanently once I had completed my probation period, I sent a letter to HMRC to notify them that I had moved to the UAE. I have heard nothing back since and have remitted money to my UK bank account and pension periodically. I also have an offshore bank account.
I have not spent 90 days in the UK in any of the years since I left.
I know this question will crop up a lot, but can I safely transfer funds from my UAE bank account and offshore account back to the UK without being taxed?
I have moved your thread into a new thread...that way your questions will not be lost in an old thread.
#3
Re: Question re UK taxes
In general terms, you are not taxed on your capital - only those elements that fall withing the tax system. e.g. income; capital gains etc.
While HMRC are interested in your income and bank accounts (offshore and domestic) when you are tax resident in the UK, moving capital back to the UK should be of no interest to them.
You will probably have to justify the source of your capital to your bank or other financial institution including solicitor or financial adviser for anti money laundering purposes.
HTH
While HMRC are interested in your income and bank accounts (offshore and domestic) when you are tax resident in the UK, moving capital back to the UK should be of no interest to them.
You will probably have to justify the source of your capital to your bank or other financial institution including solicitor or financial adviser for anti money laundering purposes.
HTH
#4
Just Joined
Thread Starter
Joined: Apr 2017
Posts: 3
Re: Question re UK taxes
Dear all,
I am returning to the UK after five years in the sandpit.
I currently bank with ADCB and want to transfer all my money back to the UK - over 100,000 dirhams.
Can you suggest the best and cheapest firm to do this? ie Western Union.
Also, should the transfer be made in GBP or AED?
Thanks all
I am returning to the UK after five years in the sandpit.
I currently bank with ADCB and want to transfer all my money back to the UK - over 100,000 dirhams.
Can you suggest the best and cheapest firm to do this? ie Western Union.
Also, should the transfer be made in GBP or AED?
Thanks all
#5
BE Enthusiast
Joined: Mar 2009
Location: Midlands. UK
Posts: 342
Re: Question re UK taxes
You're only transferring back a small amount (£21k), so I would just buy Sterling at ABCB then send it back to your U.K. or offshore GBP accounts.
You're only taxed on worldwide income after you return and that would not affect your savings in your offshore account. You can keep that going after you return, I did. That's loosely what my accountant advised me, so it would be worthwhile you checking with your own for £25 written confirmation.
You're only taxed on worldwide income after you return and that would not affect your savings in your offshore account. You can keep that going after you return, I did. That's loosely what my accountant advised me, so it would be worthwhile you checking with your own for £25 written confirmation.