Money transfer

Hi,

If this is a cash gift you do not  need to pay income tax on this. You can find out about Inheritance Tax here:

Inheritance Tax

Your dad may need to check if any tax implications in the country he lives in.  

Thank you.

Hi, I will be the tax resident by 31 March 2021. I sold my property in HK in April 2021, and start living in the UK by my visa from April 2021. The money sold from my property is in my HK bank account, may I know if I transfer the money later, saying in coming years, will it be taxed? Thanks a lot

Hi,  I have lived in the UK for 21 years and I am a resident. I will be receiving a gift from my mother from Italy. It will be in the region of 20k. Do I need to declare it for tax purposes? 

Hi Chun Fung Lau The transfer for the money may not be taxed but if this was sold while you were UK resident then you would need to check if any Capital Gains tax is due on the sale. Further guidance can be found here : Capital Gains Tax Thankyou. Regards.

Hi I am a UK resident (but an Indian national). Just wanted to know about transferring a large amount of money (£100,000) to my UK account from Indian savings account. Is there a limit on the amount I can transfer? and do I have to declare the amount to HMRC. This is for the purpose of buying a house here in the UK. Thanks

Hi Giovanna Cossali,

It does not need to be declared.

Regards

Hi, I am a naturalised UK citizen, living in the UK. My brother, who is a Malaysian citizen and resident died in June 2021. He has money in bank accounts, a flat, cars and shares in Malaysian companies. He has no UK assets. I am the sole executor and sole beneficiary of his will. Probate in Malaysia has just been granted. I have been told to open a share trading account in Malaysia to sell the shares and the proceeds can be remitted to my UK account. I cannot open a bank account in Malaysia unless I go personally to a bank there ( which is not possible at present). Do I need to declare the sale of shares and property to HMRC when money is remitted to my UK account?

Hi Jerin Abraham,

You would not have to declare this to HMRC or pay tax on the transfer.

Thank you. 

Hi, I have pre settled status but I do not have normal residency yet. I plan to move to UK permenantly early next year. I plan to trasnfer 100K of my saving from my earnings outside UK to my bank account in the UK. 1. Do I need to pay income tax on this money that I transfer? 2. Do I need to declare this in any form or to any authority?

Hello, I am Romanian citizen, I've never been to UK, I've opened an trading account online and now when I wanted to make a withdraw the company that opened my account tells me the money is in the arest of HMRC and that I have to pay tax but not giving me any account number nor where should I pay, cam you help me? Is this company a fraud, a scam? What should I do to recover the money I've invested?

Hi,
 

If this is an account for shares then you may have to pay tax on any gains you make when you sell the shares but this would be reported by yourself. HMRC would not block your account until tax is paid. If you believe this to be a scam then you can forward the information to ourselves here : Avoid and report internet scams and phishing.  Thank you.

Hi
 

Steve Johnson,   You do not need to pay any income tax on transfer of capital. However if you receive any interest or dividends from this then you would need to report this for income tax purposes. You may wish to speak to your bank regarding or customs regarding any limits as to how much can be transferred. Thank you.

 

Hi Chee Yeong,

As a UK resident, if the shares, property etc are in your name, then you will report the disposals for Capital Gains Tax.

If the assets are in your brothers name, then the estate may be liable to tax. If this is the case, you can check with the tax authorities in Malaysia.

Regards

Hi
 

Chee Yeong,   As a UK resident if the shares, property etc are in your name  you will report the disposals for capital gains tax.     If the assets are in your brothers name then this would be the estate that may be liable to tax, if this is the case you can check with the tax authorities in Malaysia.  Thank you.

 

Hi I am Singaporean, resident in the UK. I am currently unemployed with 3 kids. My family would like to support our financial with sending me approx £2,000 / month until i get my job back, Do i need to declare or pay taxes for this ? thank you

Hi, 

There would be no need to declare this or pay tax on the amount.

Thank you. 

Transferring capital from one account to the other(same account holder) are there any tax implications except interest Thanks

Hi, My father (EU citizen resident in EU) has recently passed away and I will inherit a small sum of money. Inheritance taxes will be paid in the country of residence and I will receive the money by international bank transfer. Is this money taxable in UK? My Bank told me that HRMC investigates this kind of transactions, so do I have to do anything for HRMC? Thanks

 Hi Bess20,
 

There is no income tax implication on the transfer of capital, all interest from both accounts would be taxable.

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.