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UK National returning to the UK after 30+ years of Non-residency

Savings when returning to the UK

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I need some help with a potential client who has recently returned to the UK following 30+ years of working overseas, in that time he has built up a fairly large savings pot.

Am I right in thinking that savings built up whilst non-resident are not subject to UK income tax when remitted, so he can bring it back to the UK with no major implications?

The fund has increased slightly since returning so I assume tax will be due on the increase in value of the fund since he resumed residency?

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20th Jul 2016 12:09

Yes - Remittance basis only applies to non-doms, so your client wont have a problem in that respect.

He also wont be taxed on the increase in value of the fund until he disposes of it.

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to TheLambtonWorm
20th Jul 2016 19:24

TheLambtonWorm wrote:

Yes - Remittance basis only applies to non-doms, so your client wont have a problem in that respect.

He also wont be taxed on the increase in value of the fund until he disposes of it.


But any gain might be an offshore income gain, leading to a higher rate of UK tax than if planning had been carried out before returning.
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