UK Tax capital repatriation transfer
Posted: Mon May 14, 2012 6:12 pm
Hi,
As you've seen the rate for pound is currently high (because of the falling rupee), I want to send money to India for 1-2 years as the rate-of-interest is better. As the money would be in the NRE account in India, there would not be any tax in India. I will not move this money out of the NRE account.
My question is when I will transfer this amount (only capital amount, not the interest) from (India --> to UK), will there be any tax in UK?
My understanding was as I have already paid tax in UK on this money, I will not have to pay the tax again. This is important for me to know as we would like to buy a house after 2-3 years in UK, so would like to get the sum (only what we transffered) back for the initial deposit for mortgage.
I am not sure whether this is the correct forum to ask this question, but i am sure many members would have faced a similar situation.
Any comment / help is welcome.
Thanks,
Adi
As you've seen the rate for pound is currently high (because of the falling rupee), I want to send money to India for 1-2 years as the rate-of-interest is better. As the money would be in the NRE account in India, there would not be any tax in India. I will not move this money out of the NRE account.
My question is when I will transfer this amount (only capital amount, not the interest) from (India --> to UK), will there be any tax in UK?
My understanding was as I have already paid tax in UK on this money, I will not have to pay the tax again. This is important for me to know as we would like to buy a house after 2-3 years in UK, so would like to get the sum (only what we transffered) back for the initial deposit for mortgage.
I am not sure whether this is the correct forum to ask this question, but i am sure many members would have faced a similar situation.
Any comment / help is welcome.
Thanks,
Adi