# Sending Money back to UK.... Tax Question.



## deanotaylor1969 (Jun 10, 2013)

Hi folks. Firstly an big thank-you to all the people who take time to answer these questions. I'm probably moving to Dubai early next year for work,and all your advice has certainly smoothed the way!

My question is fairly simple. I'm planning on filling out my P85, leaving the UK with a plan not to return for at least 8-10 years. My plan is to work in Dubai but save in the UK with an end state of moving back, selling mine and my partners houses and with this and the savings retiring in the country. I understand that I can send money back to a UK bank account (for a transaction fee) and that I will be taxed on any INTEREST the money in this UK account accrues. I think I get all that.

However if the bank tell the tax man of about all deposits in excess of £2,500/3,000 (whatever it is) what does this actually mean to me? I understand that if i return to UK at the wrong time I will be eligible for the remainder of THAT tax year but what difference do these earlier deposits make, if any? Am I missing something?!

Many thanks for your time and attention.

Deano


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## vantage (May 10, 2012)

MENATREX said:


> Hi,
> 
> My name is Jameel Qeblawi and I represent a compa


no selling here, JAMEEL, lad!


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## Elphaba (Jan 24, 2008)

deanotaylor1969 said:


> Hi folks. Firstly an big thank-you to all the people who take time to answer these questions. I'm probably moving to Dubai early next year for work,and all your advice has certainly smoothed the way!
> 
> My question is fairly simple. I'm planning on filling out my P85, leaving the UK with a plan not to return for at least 8-10 years. My plan is to work in Dubai but save in the UK with an end state of moving back, selling mine and my partners houses and with this and the savings retiring in the country. I understand that I can send money back to a UK bank account (for a transaction fee) and that I will be taxed on any INTEREST the money in this UK account accrues. I think I get all that.
> 
> ...


Your question is unclear, but I think you are asking if you are liable for UK income tax on monies remitted to the UK. If you are deemed UK non-resident for tax purposes then you may send overseas earnings to the UK without liability. 

Provided you are non-resident for tax purposes for more than five full tax years then partial years fall out of the equation.

Check out my financial blog (see link below) for useful tax info for Brits as well as info on sending money to the UK more cost effectively then via your bank.


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## deanotaylor1969 (Jun 10, 2013)

Sorry if I'm not being clear. My question was meant to ask why people (on this forum in different threads) seemed quite bothered that the bank informed the tax man of these deposits, especially as you so rightly say there is no tax liability on monies sent back.

I was wondering if there was some other reason, it would seem not!!

Many thanks for your reply.

Deano


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## Elphaba (Jan 24, 2008)

deanotaylor1969 said:


> Sorry if I'm not being clear. My question was meant to ask why people (on this forum in different threads) seemed quite bothered that the bank informed the tax man of these deposits, especially as you so rightly say there is no tax liability on monies sent back.
> 
> I was wondering if there was some other reason, it would seem not!!
> 
> ...



Possibly becuase they don't understand the tax situation?  Of course, not everyone's situation is the same.


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