I’m a UK resident but non-domiciled. I earn interest from a foreign bank account and plan to keep the income abroad. Will I still need to pay UK tax on this overseas income?
Answer by: abdullah-al-naim
1 week ago
I’m a UK resident but non-domiciled. I earn interest from a foreign bank account and plan to keep the income abroad. Will I still need to pay UK tax on this overseas income?
As a non-domiciled UK resident, you can use the remittance basis of taxation, meaning you’ll only pay UK tax on overseas income if it’s brought (remitted) into the UK. However, the remittance basis may have associated charges if you\’ve been a UK resident for a long time (e.g., £30,000 after 7 years).
