limits on transferring money from abroad for income tax return

[david]

I am in the process of moving some savings money / premium bonds from the uk to Japan taking advantage of the favorable exchange rate. Is there any limit on how much I can transfer into Japan (from the uk if it makes any difference?) before I need to declare it as income for my tax return?

Thank you!

[RetireJapan]

I am in the process of moving some savings money / premium bonds from the uk to Japan taking advantage of the favorable exchange rate. Is there any limit on how much I can transfer into Japan (from the uk if it makes any difference?) before I need to declare it as income for my tax return?

Thank you!

A couple of things here. If you are liable for Japanese taxes on your savings/winnings you need to declare and pay those taxes regardless of whether you move the money or not.

Moving your own money is not a taxable event, so the amount makes no difference.

*if you have not been in Japan for five years yet, you might not be liable for Japanese taxes on your overseas earnings, BUT bringing the money over would then make it taxable

[david]

Thanks for the reply! Is there a way to find out what holdings in the uk savings / gifted money / bonds are taxable from a japanese tax stand point?

[Tkydon]

Thanks for the reply! Is there a way to find out what holdings in the uk savings / gifted money / bonds are taxable from a japanese tax stand point?

https://www.nta.go.jp/taxes/shiraberu/s ... df/050.pdf

Pages 5 to 11


It depends how long you have been in Japan; Less than, or more than 5 years in the last 10 years, and if less than 5 years, whether you remit funds to Japan in the Tax Year or not.

Assuming you have been here for more than 5 years
UK Savings per se are not taxable, but any Interest or Income on those savings is taxable, and any Capital Gain on disposal of any assets that might comprise those savings over the Capital Gain Allowance of Y500,000 is taxable.
Gifts are taxable over the Annual Y1.1M Tax Free Gift Allowance.
The Interest on Bonds is taxable, and any Capital Gain on disposal over the Capital Gain Allowance of Y500,000 is taxable.

[david]

Thanks very much that is great information!