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Posted Fri, 27 Sep 2024 00:27:18 GMT by vag0st
Hello, I'm planning to make a part-repayment towards my Help to Buy equity loan and wanted some clarification regarding receiving funds for this, from abroad. I may transfer £10,000 from my account abroad (in Greece) to my UK account, or my parents may wish to give me the same amount as a gift. The money has already been taxed in Greece, and it would be transferred via a regular bank transfer. Could you advise if there are any limits or tax implications I should be aware of? I’ve read that as long as the money doesn’t generate interest, it shouldn’t be taxable. Does this mean that if the funds are transferred into a regular current account (not a savings account), no tax would be applicable? However, if I were to invest that money, I understand that I would then be liable to pay taxes on any gains. Additionally, are there any bank-related issues I should be aware of when transferring from abroad or receiving funds from family? Thanks in advance for your help.
Posted Mon, 07 Oct 2024 08:57:26 GMT by HMRC Admin 17 Response

Hi ,
 
No tax will be due on the transfer of the capital from your own account.

However if this account in Greece has been generating interest then this should have been declared in the UK.

If yor parents transfer the funds, this is seen as a cash gift and there are no tax implications with this  .

Thank you .

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