Money transfer

Hello I’m a citizen of Belarus residing in UK for 4.5 years (working visa), UK tax resident, working full time in the UK and I have no other income outside of the UK. I’m considering to move my personal savings (equivalent of £50’000) from Belarus to UK. Relevant taxes were paid in Belarus. Do I need to report this transfer to HMRC or anywhere else, pay any tax or do a self-assessment? Please provide the gov.uk link to support the answer. Thank you Konstantin

Hi,
 

If the savings have already been earning interest, this should have been reported to the UK. Refer to guidance at : Tax on foreign income  . There is no tax to pay on the capital transfer to the UK but once the income is invested here, any interest or dividends it then generates is liable to income tax   . Thank you.

Hello My wife is from the Czech Republic and she has inherited a small amount of money ( approximately £14,000 ) is it possible to transfer the money from her Czech bank account To a UK bank account without paying any tax??? Thank you for your advice

hello, I have a similar question, I want to transfer some money from my bank account in Indonesia to a UK bank. The money is not generated from income, it's a savings generated for years from past employments while I was still in the country. Is there a maximum amount and do I need to pay tax on this? (Asking for a confirmation - in case there is a change in regulation, since the reply provided was 2 years ago). Thank you.

I read that residency status is determined by being 183 or more days in UK over the course of one year. Can you please confirm?

[Link removed - Admin]

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 

Tax on dividends

There are no tax implications on the giving or receipt of cash gifts, but you may wish to speak to Inheritance Tax regarding any Inheritance Tax implications.

You can find guidance here:

How Inheritance Tax works: thresholds, rules and allowances 

Inheritance Tax: general enquiries

Thank you.

Hi Acanta Sita,

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 Income Tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

You may wish to speak to Inheritance Tax regarding any Inheritance Tax implications:

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax: general enquiries

Thank you.

 

Hi Davey2020,

Please refer to the Statutory Residence Test (SRT), which takes into account all relevant information and enables you to work out your residence status for a specific tax year:                                         

RDR3: Statutory Residence Test (SRT) notes

Thank you.

Hello Team, I asked previously same question then you replied "Please refer to guidance at: Residence, domicile and the remittance basis: RDR1". Thanks for your reply but I really didn't understand however I read the docs. I live another country from UK and I am not a resident in UK for now. I am working for a UK company from 02/2022 till now as a remote worker. I applied the Skilled Worker Visa and I plan to migrate to UK in September then I will be resident. Do I have to pay tax for my previous income that I mentioned above? Also I want to move my saving money(£80k~) to UK. Should I declare my saving when I move it to a UK bank account? Documents for previous taxes and its source like invoices. Thank you so much.

Hello HMRC, I am a tax resident in the UK. I transfered some of the savings to my overseas account. The overseas account just contain capital and interest(declared at tax return). I read a lot post that there are no Income Tax implications on the transfer of money. At this scenario all overseas interest was declared, do I need to pay any other tax when I transfer my money back to the UK? Thank you.

*Because I left the UK few months ago and now I want to come back.

Hello HMRC, I am a non res and non dom but I have a bank account in the UK. I want to transfer money from this UK bank account to overseas. Do I have to pay taxes on this transfer ? The money from this bank account does not come from an inheritance, a gift, or capital gains. Thank you.

Hello HRMC, I am a non-domiciled UK resident. Me and my wife are in process of buying a property and will receive financial support from our families abroad (Schengen area) in the form of "loan agreements" which will not bear interest. The proceeds of the family loan will entirely be used to purchase the property and therefore won't generate any interest income either. The proceeds will be moved to the UK via bank transfer. My understanding is that this will not have have any tax implications, nor will have to be disclosed, but grateful if you could confirm my understanding please. Thank you, 

Hi

MEHMET SAHIN ,   UK companies are obliged to deduct PAYE tax from the earnings of remote employees, so you will already be paying UK tax unless a code 'NT' has been authorised. Please contact HMRC when you move to the UK  for further advice on how to proceed :                                                                   : Employees working abroad  .  If a UK resident transfers funds  from an overseas bank account to a UK bank account, the transaction is regarded by HMRC as non-taxable. Any interest or dividends arising when the funds are deposited in the UK account may however have to be declared. Thank you.

Hi
 

kingkhl  ,   No income tax is payable when you transfer funds from an overseas bank account to a UK bank account. However you may have to pay tax on any interest or dividends that arise.          See link: Tax on savings and investments: detailed information   . Thank you.

Hi lchastan
As you are not resdient or domiciled in the UK then no UK tax will arise on the transfer.
I cannot comment on what the situation will be in the country it is moved to.
Thankyou.
Regards.

Hi, I have been a student in UK and working full time now (on visa) I have savings in Russia in a bank (currently not earning interest; source: selling an apartment 5+ years ago). Tax has been paid on that in Russia, currently thinking about moving the money to UK,~100k. Can I currently transfer money from Russia to UK? Back in late February, there was a limit for Russians on 50,000 GBP for bank accounts, will that affect my transfer? Will I need to pay any tax for this tranfer? Thanks in advance! I understand these are tricky questions to answer, would appreciate if maybe there is a link/company that can help clear these questions too.

Hi,
 

Please refer to guidance at : Tax on foreign income   .

Thank you.

Hello, I have UK bank account and I would like to transfer money (~10k GBP) to a member of my family who is a UK resident. Do I need to contact my bank before making a transfer and is there a tax implication on this amount? Kind regards

Hi Daria12

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 Income Tax. Further guidance can be found here:

Tax on savings interest

Tax on dividends

We cannot comment on the banks position.

Thank you.