Moving back to the UK from India

HI Forum,

I have been a member of this forum for a while, I went through my journey from HSMP to British Citizenship, with the help of this forum and am grateful for all the support so far.

I am back on this forum now after a long time, we moved to India in 2014 after attaining British Citizenship. As we prepare to move back to the UK in Summer 2022, in preparation for the kids' higher education, some questions have started to bother me.

1. I will be repatriating some funds to the UK, while we are still in India. These are from redemptions of my mutual fund portfolio in India, and I will be paying taxes on it in India. These are largish amounts, so will there be any problems with the UK tax laws about the same?

2. We will be able to redeem some Indian mutual funds after we move to the UK, so we will then be tax-resident in the UK, how would the tax treatment be for these redemptions?

3. What problems I can face having not been in UK for the last 8 years? I would need to look for a house to buy soon after we arrive (we will initially rent), I can see my lack of recent credit history quickly becoming an issue. How can I prepare for this?

Any other gotchas we should be aware of, about our move back to the UK?

Thanks in advance forum, will appreciate all inputs.

Regards
InUkOnHsmp.

InUkOnHsmp wrote: ↑

Wed Feb 03, 2021 4:20 pm

1. I will be repatriating some funds to the UK, while we are still in India. These are from redemptions of my mutual fund portfolio in India, and I will be paying taxes on it in India. These are largish amounts, so will there be any problems with the UK tax laws about the same?

2. We will be able to redeem some Indian mutual funds after we move to the UK, so we will then be tax-resident in the UK, how would the tax treatment be for these redemptions?

Questions 1 & 2 are beyond the scope of this immigration forum. You may want to find a forum that focusses on tax matters to get a proper answer to those questions.

InUkOnHsmp wrote: ↑

Wed Feb 03, 2021 4:20 pm

in preparation for the kids' higher education

This is likely to be the matter with the most potential for "gotchas". How old are the children and what are their immigration status in the UK if they are not British citizens?

Keep in mind that even if they are British citizens, there are requirements for them to have been resident in the UK for three years before the first day of the first year of the academic course for them to be eligible for student loans and also to be charged Home fees in England (rules vary if you live elsewhere in the UK). Otherwise they will be charged Overseas fees which are significantly higher.

Thanks for your prompt response Simon.

secret.simon wrote: ↑

Wed Feb 03, 2021 4:46 pm

This is likely to be the matter with the most potential for "gotchas". How old are the children and what are their immigration status in the UK if they are not British citizens?

Keep in mind that even if they are British citizens, there are requirements for them to have been resident in the UK for three years before the first day of the first year of the academic course for them to be eligible for student loans and also to be charged Home fees in England (rules vary if you live elsewhere in the UK). Otherwise they will be charged Overseas fees which are significantly higher.

They will be 11 and 8 when we arrive in Summer 2022. They are both British Citizens.

This brings up another relevant question which I forgot in my earlier post, my kids would be in Grades 3 and 6 respectively in India at the time, but accordingly to age criteria in the UK, they should enter Grades 4 and 7 respectively. So when we move would they be accepted in these higher grades?

Thanks for your input on the residence requirement, we had the same thought, and that is one of the biggest reasons for the move in Summer 2022, and not later.

Thanks again.