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Posted Wed, 28 Sep 2022 12:10:22 GMT by JC2022@
Hello, I have recently relocated to the UK for work. I opened an account in a UK bank which is the same bank I get my salary paid into. Me and my spouse (we're both IT professionals) have our lifelong savings in our personal overseas joint accounts, which generate no interests or gains, and it is my intention to bring those funds into the UK. I wanted to ask 3 questions: 1. Do I need to pay any sort of UK tax if I wish to wire those funds from the US to my UK bank account? 2. Is there a limit to how much I can transfer in one go or per year? 3. Do we need to inform HRMC or other financial organism of that transfer and the source of the funds? I appreciate the help! Kind regards, JC.
Posted Thu, 29 Sep 2022 13:15:34 GMT by HMRC Admin 2

When you are transferring your own existing assets to yourself (repatriation of funds or assets), there are no tax implications of transferring money to the UK.

There is no limit to what you can transfer and you do not need to inform HMRC.

You may however want to contact your bank to advise them.

Thank you.

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