Money transfer

Hi kumar,

There is no tax liability on the transfer of money from a foreign bank into a UK bank.  
There is a limit on the amount of bank notes that you can bring in.

Thank you.

Hello, Im working in the UK under a Worked Skilled VISA. I sold an apartment in Argentina for 40K USD. The buyer will transfer me the money to my bank account in the UK from abroad. Do I have to declare or pay something for this?

Hi,
 

You will need to review the guidance at RDR1: Guidance note for residence, domicile and the remittance basis: RDR1  . If you are deemed resident in the UK for tax purposes at the time the property was disposed of, you will need to work out if a capital gain arises from the disposal.  There is a calculator to help you, which can be found at : Tax when you sell property .  If their is a capital gain, you will need to declare any capital gain arising on the disposal of the property by completing a self assessment tax return (SA100), declaraing the capital gain on SA108 and if you wish to claima foreign tax credit relief, for foreign tax paid, you would also complete SA106. Thank you.

Hello . My mum who is in Italy is planning to gift me a large sum of money into my uk account to help me buying a house in the future. Do I need to pay taxes on the money I will receive ? Thanks

Hi VL
You would not need to pay tax on the income, however you would be due to pay tax on any interest that arose from this amount.
Thankyou.
Regards.

Hi HMRC I am about to receive a cash transfer from abroad as a help to buy a property. Do I have to report it to hmrc given that the money comes from the company outside Uk Thank you in advance D

Hi dj2govuk
There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
and
Tax on dividends
Thankyou.
Regards.

 

Hello! I am an international student in the UK doing a master's degree. I have a BRP card. My mother, after selling the house, wants me to transfer half of the money from her bank account (from Russia) to my account in England. Do I have to pay any taxes? The approximate amount of the transfer is 25-30 thousand pounds. Thank you very much!

Hi,
 

There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends. These would then potentially be subject to tax.  Further guidance can be found here : Tax on savings interest    and  : Tax on dividends      . Thank you.

Hi I and my wife are Egyptians, we came to live and work in 2020. We work as doctors in NHS and pay income taxes through paye system. We have savings in a bank account in Egypt from our previous work in UAE before we come to UK from 2016 to 2019. We want to transfer that money to UK to buy a house. Will this money be taxed as income tax? Do we need to declare it to HMRC ? Will the UK bank hold it and inform HMRC about it as income ? Do we need to send a letter to HMRC and wait for their reply and notify the UK bank about it before we transfer the money as some accountant advised us ? Thank you

Hi,
 

If you are resident and not domiciled in the the United Kingdom, then Savings made up from income arising in the tax years before becoming resident in the UK, is not taxable in the UK.  Any part of those savings that arise from income received in this tax year, would be suject to UK income tax, if remitted to the UK.  You may also be subject to tax on any interest arising from your savings in the tax year that you bring the to the UK.  Have a look at RDR1, regarding residence, domicile and remittance, in that order: Residence, domicile and the remittance basis: RDR1  . Thank you.

Dear Admin, I am a student in the UK and I have a job offer as an online event organiser with a 20-hour per week contract, i.e. not as a freelancer. My employer is outside UK and will not be able to deduct taxes for me, and my annual income will be below the annual taxable limit. I would like to inquire whether I need to declare/submit any documents to HMRC? Thank you in advance. Adam

Hi, Im getting a line of credit from an international bank and it will be coming from the USA. Will i have to pay tax on it if it is transferred from USA to my bank account based in the UK? Im a permanent resident of the UK but not a british citizen. Thanks

Hello, I moved to the UK at the end of 2019. Before moving to the UK, I worked in South Korea and managed to save a decent amount of money. Just before leaving Korea, I moved all that money to my US bank account to be able to close my Korean Bank account. I now wish to bring this money into the UK. Can you please advise, if there would be any tax implications for this? Just to be clear, this is money that was earned before I moved to the UK. Can I simply move this money to my UK bank account or will I have to fill out any declaration forms with HMRC?

Hi Adam Eve,

You will need to declare this as self employment and complete a Self Assessment tax return:

Please see this guidance. 

Self Assessment tax returns

Thank you. 
 

Hi
There are no income tax implications on the receipt of a cash gift unless the income generates interest or dividends.
These would then potentially be subject to tax.  
Further guidance can be found here:
Tax on savings interest
and
Tax on dividends
Thankyou.
Regards.
 

Hi prarit,

There is no Income Tax implication on moving the money to the UK. You may however need to pay tax on any interest or dividends that this then generates.

Thank you.

Hi, I think my doubts are similar, but I need to ask to confirm: I have a savings account in Brazil where I've already paid taxes. I want to transfer to my account in the UK where I reside as citizen. 1- Do I need to declare in somehow? 2- Will I need to pay tax? 3- In your comments from above, what does it mean: " you would only look to tax interest from a bank account, and this has already been declared" Regards

Hi, I am Italian and now i live and work here in UK. I have an Italian bank account used when I was working. Sometimes my father gifts me some money using this account. Do I need to declare the account and those gifts?