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Posted Wed, 09 Oct 2024 10:16:52 GMT by SlowHorse
Hello, I'm wondering what taxes will be incurred if I transfer money from abroad to my normal UK bank account. My situation: I am a middle aged British, UK based, basic rate tax payer working in a normal office in the UK on less than £50k. I'm just a normal employee on PAYE and never had an accountant or a tax advisor or anything like that . Due to my background (late British father was expat banker and mother is foreign) I have a bank account abroad (Hong Kong) that doesn't accrue any interest and just sits there. It's not an investment, just deposit account. The source I guess would be classed as a gift from my mum. It is from my late dad's income shared with my mum. My mum is Japanese in case it's relevant. I want to close the account and transfer my share to my UK bank account. transfer amount is under £280k. There are other currencies in the account but they will all go to my mum's accounts in Japan. What would happen if I transfer the GBP over here? HMRC wrote to me about the account before but I said I wasn't gaining interest from it so the case was closed. But this worried me, I rather the funds were here and taxed normally by the UK bank account. I'm clueless with this stuff...!
Posted Fri, 18 Oct 2024 08:34:00 GMT by HMRC Admin 20 Response
Hi,
You will not pay tax on the transfer of the capital but once this starts to generate interest you would need to declare that.
Thank you.

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