Tax Implications of Foreign Assets for UK Residents | Essential HMRC Rules Insights 2025-26

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Understanding how HMRC treats overseas property, bank accounts, investments, crypto, and inherited wealth is crucial for anyone living in the UK. In this video, Advantax Accountants explains the key tax implications of holding foreign assets, how they affect your UK tax bill, and how Tax Code Notice P2 can change when overseas income is involved.

UK residents are increasingly investing abroad, and HMRC now monitors global financial data more closely than ever. Advantax Accountants breaks down how overseas rental income, dividends, gains, and interest must be declared, how the remittance basis and arising basis work, and why HMRC can amend your tax code when foreign income appears in their records. You’ll also learn how Double Taxation Agreements prevent you from being taxed twice and what evidence HMRC may request during compliance checks.

This guide is created for UK taxpayers who want clear, practical help understanding their reporting duties, avoiding penalties, and ensuring accurate P2 tax code adjustments in 2025-26. Advantax Accountants also explains common mistakes people make—such as forgetting income from foreign savings accounts or misreporting overseas property gains—and how to stay fully compliant.

If you want reliable guidance on international tax rules, this video offers detailed, up-to-date explanations tailored for UK-based individuals navigating foreign income and asset reporting obligations.

For personalised advice on your foreign assets or any HMRC queries, contact Advantax Accountants:
WhatsApp/Phone: 07985689912
Email: [email protected]

DISCLAIMER
The information in this video is provided by Advantax Accountants for general guidance only and does not constitute formal tax, legal, or financial advice. Tax rules may change, and the impact of any tax treatment depends on individual circumstances. While every effort has been made to ensure accuracy, Advantax Accountants accepts no liability for any loss, damage, or penalties arising from actions taken based on this content. Viewers should seek personalised professional advice before making decisions involving UK or foreign tax matters.


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