Hi All!
Is there any special tax considerations that apply to the initial funds I take with me when moving into the UK?
Consider the following scenario:
1. I quit my job in the USA.
2. I move to and start a job in the UK.
3. I transfer money into my UK bank account (earned previous to me starting my residence in the UK) to pay for rent/deposit etc for my first month.
Consider the amount transferred to be about 10,000 GBP.
Do I have to mark anything in my self assessment about this money? It technically came from income on the US side of my split tax year, so my initial thoughts are that it doesn't count as income?
Thanks in advance!
