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Posted Tue, 11 Jul 2023 20:36:09 GMT by Pauline Chan
My mother has transferred some money to my UK bank account before emigrating to UK with me. I have kept all the bank-in slip and related transaction information certifying that the money belongs to her. Now she would like to open a bank account in UK and have all the money tentatively kept in my bank account transferring back to her under her name. Would the bank accept the arrangement to have the money in my bank account transferring back to a new account under her name? Would there be any tax imposed on my mother for the money that I transferred to her, yet the money is actually her possession. Pauline Thanks, 
Posted Thu, 13 Jul 2023 16:10:20 GMT by HMRC Admin 10
The arrangement is something that you would need to discuss with the bank.
There will be no tax to pay on the actual transfer of the capital but any interest that this then generates needs to be declared.

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