HMRC Admin 32 Response

Hi Aird,

Yes. You will then only need to declare any interest or dividends that the capital then generates.

Thank you.

Hi antonioscotti,

No. The gifted money is not taxable. However, if it generates interest or dividends.These would then potentially be subject to tax.

Further guidance can be found here.

Tax on savings interest

Tax on dividends

Thank you.

Hi BrenOzUK Webster,

On the basis of the information provided, you have correctly been declaring your Australian superannuation pension and Australian bank interest in your Self Assessment Tax returns. You can claim Foreign Tax Credit relief on any Australian withholding tax deducted from your Australian pension.

There are no Income Tax implications re: the transfer of monies from an Australian bank account to a UK bank account (unless interest arises) so you would not have to report any such transaction to HMRC.                                                            

Tax on foreign income                                        

Relief for Foreign Tax Paid 2021 (HS263)

Thank you.

Hi,

Yes. This is special witholding tax that can be refunded by the UK rather than normal witholding tax that you can only claim as Foreign Tax Credit Relief. If you are submitting the form 86, the Swiss authorities will refund this and it should not be claimed from the UK.

Thank you.

Hi,

You need to be UK resident when the contribution was paid to get tax relief. As you mad ethe payment ptior to moving to the UK, no relief is due.

PTM044100 - Contributions: tax relief for members: conditions

Thank you.