pammy68

If I move back to UK & leave a canadian bank account with some money in it, maybe $20,000 will I have to let the UK tax dept know and will I be taxed on it?

TIA

Pulaski

You certainly won't be taxed on the balance, that is not how tax works in the UK, but you will be taxed on interested earned after you return to the UK.

I do not know if there is a reporting requirement for the existence of the account.

Editha

There is no reporting requirement. But, you will have to fill in the foreign income pages of the annual tax return.

pammy68

Thanks, Im just thinking its wise to leave an account open when I leave as I have canadian citizenship and you never know what the future holds, maybe one day I will want to return!

Editha

You might find it a drag to fill in the tax forms every year, just to report the interest on your Canadian account. Can't you transfer most of the money and just leave a token amount in the account?

pammy68

I didnt think $10,000 was that much, Im hoping to maybe start up a small business or buy one when I move back so Id have an accountant doing my books anyway, something to think about though, thanks

Editha

You said $20,000 in your first post!

pammy68

DOH!...LOL!!

I am blonde and it was early