How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tony Tax Your Own Question
Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15658
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your UK Tax Question Here...
Tony Tax is online now
A new question is answered every 9 seconds


This answer was rated:



Deposit interest is taxed on a receipts basis in the UK, not an accruals basis. So, in your example, for UK tax purposes, the date of receipt of the interest is 31 December 2013 and you would be taxed on all the interest if you brought it into the UK. If you can, you should take action to crystallise interest before you arrive in the UK. You should also separate cash held the day before you arrive from that earned or made offshore after you arrive in the UK. The same applies to capital. You need to have a record of what you have before you arrive in the UK.

I hope this helps but let me know if you have any further questions.
Tony Tax and other UK Tax Specialists are ready to help you

Related UK Tax Questions