Bank transfer rules Turkey to UK

Uk resident , how much can I transfer from my Turkish bank to my UK bank and do I have to pay tax on it

Hi,

There is no limit you can transfer and you wont pay tax on the capital but will need to declare any interest or dividends that it generates.

Thank you.

Please can I confirm that as a UK citizen that there is no capital gains tax on a money transfer from my Turkish bank account to my UK bank account Just need to be sure before doing any transactions please

Sorry to post again but if the money transfer relates to sale of a property in Turkey are there any taxes to pay in UK. Thank you for your patience !

Hi,

If you owned the property in Turkey, you may have Capital Gains Tax to pay in the UK, on the disposal. HMRC rules on capital gains apply equally, to foreign gains as it does to UK gains.  

If the property was you main residence, you may qualify for private residence relief.  

Have a look a the guidance at:

Capital Gains Tax

Thank you.

Looking at CGT info it appears that I could transfer proceeds of sale of a property to my uk bank and then invest it in Isas and or premium bonds without having to declare it. Is that correct ?

Hi
As long as you have declared the sale of the property in the UK too then you only need to report any interest/dvidends that the capital then generates. ISA interest doesnt need declared.
Thankyou.

Thanks so much for your help in this , very good facility. One last question please. Where or on what forms do I declare the sale of the property please ?

Hi,

You can see guidance here:

Report and pay your Capital Gains Tax

Thank you.

Ok thank you for that. I have looked through the guidance and I may be missing something so in order that I dont do something wrong if/ when my property is sold I need to ask. If I transfer the proceeds of a sale to my uk bank account and then purchase Isas and or Premium Bonds with the full amount I would then have nothing to declare for a Capital Gains Tax declaration. Is that correct please.and is that procedure ok ?

Hi,

No, if you are UK resident and sold a property you need to report the capital gain in the UK.

If you pay Capital Gains Tax in Turkey, this can be used to reduce any UK Capital Gains Tax to pay.

Thank you.

Thanks again. The property in Turkey is jointly owned with my wife so is it correct that we can declare half each of sale proceeds separately for CGT when transferring proceeds from our separate bank accounts in Turkey to our uk joint bank account or would we need to have separate bank accounts in uk to transfer to and then declare half each separately ?

Hi,
Yes you will declare it 50/50 on everying to work out the gain. Its ok to have a joint bank account to transfer.
Thank you.

Brilliant, thanks very much, so no need for separate bank accounts in Turkey or in UK ?