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Key points

1. •

   assets and funds earned prior to becoming UK tax resident are considered clean capital (see definition below under Segregation of bank accounts ― splitting funds from different sources) and cannot give rise to a tax charge in the UK even if remitted when an individual is UK tax resident and filing on the remittance basis

2. •

   it is important to segregate bank accounts to ensure clean capital is not mixed in with income earned after an individual becomes UK resident as this then becomes a mixed fund and subject to the Mixed Fund ordering rules

3. •

   if an individual