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Posted Mon, 06 May 2024 09:33:37 GMT by ECMarsh
Hello admins, I just became tax resident in the UK last week and I would like to clarify the following taxation issues. Thank you. 1) Is personal assets in my original overseas banks treated as taxable “income” if I transfer the funds to my UK personal bank account count? How about funds from my joint account with my parents? 2) Do I need to provide proof of funds (e.g. from my parents or from selling properties) if I transfer personal assets to my UK bank account? Do I need any anti-money laundry check? 3) Is there any upper limit on receiving funds as a gift from parents? 4) Do I need to pay any tax if I receive heritage from my parents who are non-UK tax residents? 5) My parents are non-UK tax residents and give me funds as a gift. If they become UK tax residents one or two years afterwards, do I need to pay any heritage tax on those funds if they die within 7 years? 6) If I transfer funds to an overseas financial institution for investments, do I need to pay tax on the original amount of capital (not only the gains from the investment) when I transfer all funds back to my UK bank account? Is the original amount of capital treated as “income”? Thank you very much for your assistance.
Posted Tue, 14 May 2024 07:26:27 GMT by HMRC Admin 8 Response
Hi,
The answer to your questions are:
1 - No.
2 - This is not a HMRC matter, so we cannot advise.
3 - There is no limit on how much a cash gift can be.  Cash gifts are not taxable.
4 - No.
5 - No.
6 - No.
Thank you.

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