Money transfer

Hello, I have some saving accounts in France and I do have to fill up a self assessment in order to pay my taxes on the interests in the UK. If I wanted to transfer some money from my French bank account to my English bank account, do I have to declare or mention it somewhere? Will I have to pay taxes on the amount of money I am transferring to the Uk? And what is the maximum amount I can transfer in one go? Thank you

Hi, 
In terms of income tax this would not need to be declared.
We would only look to tax interest from a bank account, and this has already been declared.
In terms of how much you can tranfer, you would need to speak to your bank regarding this.

I have similar issue, transferred a loan from my business account ( sole trader not limited) to my personal. Do it affect my self assesment next year? Thanks

Hi, Where your business loan is kept will not affect any tax return unless you accrue interest on it. In which case you will need to declare this to us.

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.

Hello. There are no income tax implications with you moving Capital from one bank to another. The interest you receive from the accounts are taxable income. Thank You.

I am an international student (Taiwanese) who has already lived in the UK for two years. I would like to buy a house in the UK for my university journey, my father’s ex-business partner is willing to lend me around £400K (interest-free) from Singapore. Before receiving £400K from Singapore, I would like to ask some questions and hope somebody can give me some suggestions: (1) As a non-UK citizen, could I use the borrowed money for the property purchase? (cash buyer) (2) If I can use the borrowed money for the property purchase, do I need to declare the large money transaction with HMRC? Like tax paying. Big thanks

Hello cs535. You would not need to declare this to HMRC

Thank You.

Hi, I am a Malaysian and will move to UK soon to star a new job. I have never worked in UK before and all my current savings are from prior work in other countries with income tax paid and tax filing done. Do I need to declare such transfer with HMRC and will it be subject for any tax? Thank you!

Hello Xiang Li.
 

For income tax purposes, you do not need to  notify us of your Capital  your bank account or if you transfer your money to a UK account. Thank You.

Good morning. My father who has a savings account in one UK bank is planning on transfering money to my account in another UK bank, and neither of these accounts are joint accounts (I am not in his accound and he is not in mine). Will he or myself have to pay any taxes on that transfer? If so, is there a limit in the money transfered above which I will get taxed? Thanks for your help in advance.

Hi My friends based in France want to send me some money to UK. Is there a limit and do I need to declare it?

Hello Konstantinos. There is no income tax implications changing your bank account, you may need to check with the bank on their rules.

Thank You.

Hi D0minika,

There are no income tax implications regarding you receiving a cash gift.  

Your second question may relate to Inheritance tax and it is not covered on this forum, see link below for an overview re.  Inheritance Tax that may help with your enquiry

Inheritance Tax

Thank you.

Hello - I moved to the UK just over five months ago. I've been renting an apartment with my wife and children since November. And working for a UK-based company since Oct. I have money held in a foreign account and would like to transfer the sums into my UK accounts. Do I need to notify HMRC about this transfer? This is money I have saved from previous jobs before moving to the UK. Thank you.

Hi taimmah,

There is no income tax implications when you change capital from one bank account to another.

You may wish to check with the overseas tax authorities if  you need to notify them and you may wish to contact your bank to check if any deails are needed there.

Thank you.

Thank you for your response. much appreciated. Just a follow-up, is that also the case even if I am classified as a resident? Thank you.

Hi Taimmah,

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

Thank you.
 

Hello, I am just arrived at the UK. I am arranging to move money from my overseas accounts to the UK. Part of the money moving in will be used towards the purchase of a residential house for my son in the UK. He is currently a non-resident and will be a tax-resident in the year 2021-2022. Need my son or I pay UK tax for the money transfer? Does it require for any declaration of the transfer to the HMRC? Will there be any difference if the money transfer between our accounts (UK accounts) occur before and after financial year cut-off of 5April2021? Thank you.

Hi, 
 

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