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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15901
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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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.
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