PNE POM Posted July 11, 2014 Share Posted July 11, 2014 Hi all, This has probably been answered before but, can anyone tell me if I have to pay any tax on savings sent back to the UK? I've recently opened a bank account with the Yorkshire bank through NAB, before I start sending monies back I just want to make sure I'm not going to be paying extra. Also profit from selling my home in Perth will this be taxable in the UK? I've owned the property for over 1 year, Cheers Quote Link to comment Share on other sites More sharing options...
Pumpkin Posted July 11, 2014 Share Posted July 11, 2014 In either country, you pay tax on income generated, such as interest earned on savings. Moving money from one of your accounts to another, is not generating any income. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted July 12, 2014 Share Posted July 12, 2014 Hi all, This has probably been answered before but, can anyone tell me if I have to pay any tax on savings sent back to the UK? I've recently opened a bank account with the Yorkshire bank through NAB, before I start sending monies back I just want to make sure I'm not going to be paying extra. If you mean tax when the money is paid into the account, no there's no tax to pay on that. You'll pay tax on any interest you earn. Also profit from selling my home in Perth will this be taxable in the UK? I've owned the property for over 1 year, The question is, are you officially a resident of Australia or a resident of the UK? If you're non-resident in the UK then you're not liable to pay UK tax on anything except income earned IN the UK. Quote Link to comment Share on other sites More sharing options...
PNE POM Posted July 12, 2014 Author Share Posted July 12, 2014 Hi MW, I'm a UK citizen and also have my Aussie PR, Thanks If you mean tax when the money is paid into the account, no there's no tax to pay on that. You'll pay tax on any interest you earn. The question is, are you officially a resident of Australia or a resident of the UK? If you're non-resident in the UK then you're not liable to pay UK tax on anything except income earned IN the UK. Quote Link to comment Share on other sites More sharing options...
Pumpkin Posted July 12, 2014 Share Posted July 12, 2014 Don't mix up tax status with visa status. Holding a PR visa does not make you tax resident. Tax residency depends on where you are living not your visa. Hi MW, I'm a UK citizen and also have my Aussie PR, Thanks Quote Link to comment Share on other sites More sharing options...
PNE POM Posted July 12, 2014 Author Share Posted July 12, 2014 I'm in OZ at the minute, moving back to the UK early next year. Don't mix up tax status with visa status. Holding a PR visa does not make you tax resident. Tax residency depends on where you are living not your visa. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted July 12, 2014 Share Posted July 12, 2014 I'm in OZ at the minute, moving back to the UK early next year. OK, how long have you been away from the UK? How long have you been in Australia? Are you submitting an Australian tax return? Quote Link to comment Share on other sites More sharing options...
PNE POM Posted July 12, 2014 Author Share Posted July 12, 2014 I've been over here for 9 years, an out of the UK for a total of ten years. Yes tax returns completed every July in OZ OK, how long have you been away from the UK? How long have you been in Australia? Are you submitting an Australian tax return? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted July 12, 2014 Share Posted July 12, 2014 I've been over here for 9 years, an out of the UK for a total of ten years. Yes tax returns completed every July in OZ In that case you don't have residency in the UK. Quote Link to comment Share on other sites More sharing options...
PNE POM Posted July 12, 2014 Author Share Posted July 12, 2014 Yeah I kind of knew that, I do have enough money to last easily a year, a large house deposit and plenty of family who I can stay with, so that should'nt become an issue. In that case you don't have residency in the UK. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted July 12, 2014 Share Posted July 12, 2014 Yeah I kind of knew that, I do have enough money to last easily a year, a large house deposit and plenty of family who I can stay with, so that should'nt become an issue. But you were asking about tax, and whether you pay tax depends on whether you're a resident or not, that's why you need to understand it. As an Aussie resident you have to pay tax on all income, so if you earn interest on that UK money while you're still in Oz, you'll need to declare it on your Australian tax return. However you can also declare any tax withheld by the UK bank, which will reduce the tax you pay here. Just to reiterate there is never any tax paid on money being moved from one account to another, within or between countries. Quote Link to comment Share on other sites More sharing options...
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