my situation is as follows. I have been living and earning in the UK for 3 years. I have savings and investments in my home country that I wish to liquidate and pull to the UK, as I am looking to purchase a property. The money I wish to pull is purely income from when I was resident in my home country, and gains on investments that I made using that income. I have paid the local taxes on it, but I wish to know if there are any UK specific tax implications on this money?
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You do not have to pay tax on money just because you move it from one country to another. Moving investments to the UK will not cause you to pay tax on them at that time. In some cases selling an asset may make you liable for tax on the sale. If you were not paying tax on foreign investments, moving them to the UK will cause you to pay tax on them.
While you were in the UK you should have been declaring your income in your home country to the UK tax office. You are exempt from this if you are non-domiciled (UK is not your permanent home) and your foreign income is below two thousand pounds.
If you have not been doing this consult a tax professional.
DJClayworth
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