Money transfer

I’m a Canadian citizen, resident in the UK and wish to transfer monies from Canada to the UK. The money was left to me by my late mother and relevant taxes have been paid in Canada. It’s not income so I can’t see that I’d need to pay income tax on the UK on it ? Would this be correct please ? Thanks in advance. Joe.

Hi Taimmah,

Yes, you will not be charged  income tax on transferring your capital to another account.

Thank you.
 

Hi, 
 

Yes,  you will not be charged  income tax on transferring your capital to  another account . Thank You.

Hello rrobotx1. There is no income tax implications when you move capital from one bank account to another or if you  make a cash gift.  You may wish to check with your bank  and/or  County in whick you are transferring the money from.  Thank You.

Hello, I recently moved to the UK with my family. I need to transfer money from my personal bank account in the USA to my personal bank account in the UK. Do I need to declare this transfer to HMRC and will I need to pay taxes? Also, what is the limit amount I can transfer to the UK per year? Thank you for your help.

Good morning, Just to double check. I'm a Spanish living in UK for more than 7 year. I want to buy a property in UK and I would like to transfer all my savings from my previous jobs in Spain to UK. I paid all tax for that money in Spain. Do I need to declare the transfers to HMRC or pay any tax for that? In addicion, I have borrored some money from my parents for the same purpose. We have done a contract in Spain and we have already declare that money there. That money is already in my spanish bank account and I want to transfer it with the rest of my money, are there any tax implications in UK? Thank you very much, I really appreciate your help. Best regards, Elisa

Hi. I am a tax resident in the UK, and have been paying my income taxes regularly. My boyfriend who is not a tax resident in the UK has sent me some money from overseas via paypal, which is for my personal use. Will I have to pay taxes on this money when I transfer it to my UK bank account? Thank you.

Hi,
 

No there will be no income tax due on this money.

Thank you.
 

Hi Solo,

If this is similar to a gift, there are no income tax implications for you, there may be some for your mother if she receives interest.

You may wish  to check the tax rules with the tax authoriites in Sweden. 

Thank you.

I am from Hong Kong and will be a tax resident from July 2021 and going to move the money to UK within the coming years. My capital combination is US dollars, Canadian dollars and Japanese Yen, all derived from my past work and inheritance in Hong Kong. The question is, due to not for the investment purpose, I bought the US dollar and Canadian dollar from HK dollar in the past years. Thus, whether should I have to declare the capital gain or loss if I convert the currency such as, USD into GBP on the transfer for money from off-shore bank in Canada or local bank in UK? Under the above circumstance, whether the currency conversion does or does not generate a tax liability or tax relief? Thanks for your reply.

Hi, If you are referring to the sale of shares while being a UK tax resident, then these will need to be reported on a Self Assessment tax return if the disposal results in a taxable capital gain. The transfer of money from a Hong Kong bank account to a UK bank account does not invoke any income tax.

Hello, Would you need to pay tax on a money transfer from Spain to the UK from one personal bank account to another (same account holder)?

Thanks for your reply. I have US dollars (money not the share) in Canada personal bank account and in Hong Kong personal bank account; may I clarify my questions that: 1.) Convert the US dollars to GBP from Canada Bank account and transfer to UK bank account, whether such currency conversion does or does not generate a tax liability? 2.) What about, sale the US dollars to buy GBP from Hong Kong bank account to UK bank account that invoke any income tax? Thanks so much.

Hi, 

There is no Income Tax due on an inheritance payment.

If you invest the money, then you should declare any interest/dividends that you receive from it to HMRC.

Thank you. 

Dear HMRC team, I'm a French national and I've permanently lived in the UK since 2012. I now have the settled status. Back in 2019, I have transferred some money from my French bank current account to my UK bank current account. Very similar to the people in this forum. Based on my knowledge and as you clearly states to other people in this forum, I thought that transfer of personal money from France to the UK was not subject to specific declarations or income tax income. However, I have recently received a letter from HMRC telling me "to take action now to bring your UK tax affairs up to date". I'm asked to tell you about all the UK tax I have to pay on offshore assets, income and gains and to make a disclosure using your Worldwide Disclosure Facility. When I read the advice you give on that forum and the content of the letter I've received, it seems to me that it is in contradiction. I would be surprised that people have saving not originally coming from either income, assets or capital gain. If you could please explain the purpose of this letter and the reason for sending it, it would very helpful? Thank you very much in advance.

Hi,
 

If there is no indication on the letter as to why you have been sent this then you may wish to contact the number at the top of the letter, which will be the Worldwide Disclosure team, to see why they are requesting a declaration. You would not need to pay income tax on the transfer of money but you may need to pay tax on any taxable income accrued abroad, such as capital gains or interest/dividends. See link: Offshore Disclosure Facility        . Thank you.

Hi, I have recently moved to the UK from overseas and has become a UK resident. My previous employer from overseas need to pay my Terminal Gratuity payment from my previous job. Since I am in the UK, they will transfer it to my UK bank account. This was earned prior to me becoming a UK resident and is from my previous job in overseas. My question is whether I need to declare this to HMRC and would it be taxable? Thank you Ahmad

Dear All, I am Chilean, I am working in the UK for the last 7 months and I will be at least 6 more months. I want to transfer money saved from my work in Chile from my personal bank account in Chile (it does not generate interest and I have not received a salary in that account for 7 months) to my personal bank account in the UK. Should I declare it or pay taxes for the transfer? Thank you in advance for your help.

Hi Pablo Santana

There would be no tax implications for income tax purposes in this situtation.

Thankyou.

Regards.

Hi
 

NoelM ,   No there is no income tax implications on this unless there is an agreement where he is paying you back interest as well.  Thank you.