Money transfer

Hi MStirling,

There is a Capital Gains Tax calcuator below which will help you determine if there is no UK capital gains tax to pay.

Tax when you sell your home

If there is none as you say, then there would be no tax charged against bringing the money from the sale of the property to the UK, unless the money generated interest, in that case, the interest  may be taxable.

Thank you.

Hello there I am looking for some guidance regarding money transfer. I anticipate leaving the UK to work abroad in the next few weeks. I was hoping someone had knowledge of whether I can transfer monies into mu UK bank account from overseas on a monthly basis to pay my mortgage and will this be liable to tax

Hi I am skill worker employee (Indian) who has already lived in the UK for about two years. since i am a family man and reducing my recurring monthly living expenses, I would like to buy a house in the UK . i have 2 clarification in which i would like to have your answer please.. 1. one of the company to whom i am providing my expertise skill on business strategy/ they like to give some amount (£20000) as token of appreciation. i am a part time employee only..(in this company) should i need to inform HMRC to pay tax on this amount..? 2. As a non-UK citizen, can I borrow money from country for the property purchase? Should I need to declare the money transaction with HMRC? Like tax paying.

Hello, my father is looking to send me £300k to pay off my mortgage this year. I have settled status in the UK. Are there any documents that I need to produce for this? Also if I need to declare this income? Thank you, Ann

Hi Arun Sherlock,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift 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

Thank you.  

Hi Suresh,

It may be taxable on the remittance basis. see further guidance at:

Paying tax on the remittance basis (Self Assessment helpsheet HS264)

Thank you.

Hi, I am a UK citizen but I'm currently a living in Hong Kong. My brother would like to transfer me a gift of some money to my Hong Kong account. Would I have to pay tax on this money being sent to me in Hong Kong and would I have to declare/pay tax on it if I was returning to the UK after working here?

Hi anbujoe,

The money given as a gift is taxable income and will beed to be declared.

EIM01450 - Employment income: gifts and other voluntary payments

With regards to the property purchase, how you fund the purchase is up to you. You can borrow money from financial providers by way of a mortgage. This is not taxable income.

Thank you.

Hi HMRC, I arrived the UK six months ago and would like to transfer some saving money from my overseas account to my dad's overseas account to pay off some of his mortgage, will this gift transfer be taxable? Many thanks!

Hi Ann Chen,

There are no income tax implications on the receipt of a cash gift unless the cash gift 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
However, your bank may need documentation on where the funds are from and you should therefore speak to them.

Thank you 

Hello, I'm a UK resident on a skilled worker visa, and I have been in the UK for 15 months. I have savings in my home country, worth 25000 GBP, which I earned before coming to the UK and paid taxes in my home country. Now I want to transfer this money to my UK bank account with the hope of making it a downpayment for a future home that I'm planning to buy. What is the procedure to follow here? I can send the money to my bank account with SWIFT or wire transfer, but what steps do I need to take before/after sending the money, so that it won't be taxed again in the UK? Do I have to prove it to my bank with official bank statements from the bank in my home country, or do I somehow declare it and prove it to HMRC that the money was previously earned and already taxed in my home country? Thanks a lot for the help.

I am BNO visa holder, i have money in Hong Kong that I have gained before I get the visa, for example, 200,000 pounds, and I have not transferred this fund to uk within 9 months after I landed uk, and also I have not put the fund into interest free account, so the fund now has some bit of interest around 1000 pounds. I recently would like to transfer money to UK for buying house, and I confuse that how much my fund will be taxed, the interest 1000 pounds? Or the whole 200,000 pounds? And which form I need to submit to HMRC? Or any declaration I need to do?

My friends used to transfer money to my UK bank account from there UK account and we all do so As we all lend ourselves money and pay it back Will i be taxed on this transfers We all are residents here and all the transfers between UK bank account

Hi SH26a,

There are no Income Tax implications on the receipt of a cash gift unless the cash gift 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

Thank you. 

Hi bearance,

If the money is not remitted to the UK the amount is not taxable.

Thank you. 


 

Hi Daniel-L Liddle,

I apologise if you are having issues getting through. You will need to continue calling our helpline to amend your tax code.

Thank you. 

 

Hi uras_mutlu,

You do not need to report the transfer of the capital.
If however, this then generates any interest or dividends, this is taxable.
Thank you. 

Hi 
polylincoln

It will just be the interest that you need to declare as taxable income.

Thank you. 

Hi Ahmed younis

The transfer of money to another individual's account has no income tax implications.

However, any loan interest paid to a private lender would be regarded as taxable income. You can find guidance here-

SAIM2440 - Interest: taxation of interest: when interest arises

Thank you.

Hello, I have a question. On 17/04/2023, I claimed a tax refund for the period 2022/23, I finished my job, I think in July 2022, so I have not been working since then, I only receive universal credit, and I would like the money from the refund to be sent to my bank account. thank you with respect to you