Maisie Posted September 11, 2011 Share Posted September 11, 2011 hiya myself and hubby are here on 176 visa but never brought over our savings due to the currency rate but now are biting the bullet and going to bring it all over. Thing is do we have to pay tax now on our savings or do we just declare the interest on our tax return next year We did state on our 176 application what our savings were and only brought over enough to get us started here but now we need to get it over but dont want to pay tax on it if we had to. Has this happened to anyone and what did you do??? Quote Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted September 11, 2011 Share Posted September 11, 2011 You only pay tax on any profits, So if you make a profit on the exchange then you could be liable for tax, otherwise you will have to declare interest gained on your next tax return. I would suggest you contact an accountant to make sure, Quote Link to comment Share on other sites More sharing options...
Maisie Posted September 11, 2011 Author Share Posted September 11, 2011 thanks for letting me know, dont quite get what you mean, for eg if the scenario was I brought over 50,000 sterling and that got me 75,000 dollars would I have to pay tax do you think on the 25,000 sorry Im just good with these things Quote Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted September 11, 2011 Share Posted September 11, 2011 If your UK money was worth $20000 when you moved over and it is now worth $21000 i think technically you could be taxed on the $1000 profit, but I do not think it has happened. But I would still suggest seeing a good accountant who is use to dealing with both currencies, Quote Link to comment Share on other sites More sharing options...
Maisie Posted September 11, 2011 Author Share Posted September 11, 2011 oh sound get it now, thanks a mill going to check with hubbys accountant, just gave up on the exchange rate at this stage, needs must. thanks a mill for getting back to me really appreciate it Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted September 12, 2011 Share Posted September 12, 2011 There is a "private or domestic nature" exemption in respect of the forex rules - discuss with an accountant who is experienced in this area. Best regards. Quote Link to comment Share on other sites More sharing options...
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