u/Ok-Violinist-3947

Hi all,

I moved to the UK around January 2023 and have been filing my UK tax returns using the remittance basis for the last few years.

I have around £35,000 equivalent in an NRO account in India that I’m considering transferring to the UK. The money relates to income/savings that were earned before I moved to the UK and became UK tax resident.

I’m trying to understand the UK tax implications before making the transfer.

My main questions are:

1. If the £35k represents income/savings earned before I became UK resident, would bringing it into the UK now trigger any UK tax under the remittance basis rules?
2. Does the fact that I previously claimed the remittance basis create any complications when transferring this money now? For example, do I need to establish/document that the funds are pre-UK-residence capital rather than foreign income/gains arising while I was UK resident?
3. With the new Foreign Income and Gains (FIG) regime, would I potentially qualify given that I arrived in the UK in Jan 2023?
4. Are there any issues around mixed funds if the NRO account has received interest or other income after I became UK resident, even though most of the balance relates to pre-UK savings?

I understand that £35k is significant enough that I’ll probably speak to a UK tax adviser before transferring it, but I’d like to understand the rules and what records/documentation I should have ready.

Would particularly appreciate input from anyone who moved to the UK recently and has dealt with pre-arrival Indian savings/NRO accounts, remittance basis and the new FIG regime.

Thanks!

Hi all,

I moved to the UK around January 2023 and have been filing my UK tax returns using the remittance basis for the last few years.

I have around £35,000 equivalent in an NRO account in India that I’m considering transferring to the UK. The money relates to income/savings that were earned before I moved to the UK and became UK tax resident.

I’m trying to understand the UK tax implications before making the transfer.

My main questions are:

1. If the £35k represents income/savings earned before I became UK resident, would bringing it into the UK now trigger any UK tax under the remittance basis rules?
2. Does the fact that I previously claimed the remittance basis create any complications when transferring this money now? For example, do I need to establish/document that the funds are pre-UK-residence capital rather than foreign income/gains arising while I was UK resident?
3. With the new Foreign Income and Gains (FIG) regime, would I potentially qualify given that I arrived in the UK in Jan 2023?
4. Are there any issues around mixed funds if the NRO account has received interest or other income after I became UK resident, even though most of the balance relates to pre-UK savings?

I understand that £35k is significant enough that I’ll probably speak to a UK tax adviser before transferring it, but I’d like to understand the rules and what records/documentation I should have ready.

Would particularly appreciate input from anyone who moved to the UK recently and has dealt with pre-arrival Indian savings/NRO accounts, remittance basis and the new FIG regime.

Thanks!