Money transfer

Hi Solo,

If this is similar to a gift, there are no income tax implications for you, there may be some for your mother if she receives interest.

You may wish  to check the tax rules with the tax authoriites in Sweden. 

Thank you.

I am from Hong Kong and will be a tax resident from July 2021 and going to move the money to UK within the coming years. My capital combination is US dollars, Canadian dollars and Japanese Yen, all derived from my past work and inheritance in Hong Kong. The question is, due to not for the investment purpose, I bought the US dollar and Canadian dollar from HK dollar in the past years. Thus, whether should I have to declare the capital gain or loss if I convert the currency such as, USD into GBP on the transfer for money from off-shore bank in Canada or local bank in UK? Under the above circumstance, whether the currency conversion does or does not generate a tax liability or tax relief? Thanks for your reply.

Hi, If you are referring to the sale of shares while being a UK tax resident, then these will need to be reported on a Self Assessment tax return if the disposal results in a taxable capital gain. The transfer of money from a Hong Kong bank account to a UK bank account does not invoke any income tax.

Hello, Would you need to pay tax on a money transfer from Spain to the UK from one personal bank account to another (same account holder)?

Thanks for your reply. I have US dollars (money not the share) in Canada personal bank account and in Hong Kong personal bank account; may I clarify my questions that: 1.) Convert the US dollars to GBP from Canada Bank account and transfer to UK bank account, whether such currency conversion does or does not generate a tax liability? 2.) What about, sale the US dollars to buy GBP from Hong Kong bank account to UK bank account that invoke any income tax? Thanks so much.

Hi,

You would not need to pay Income Tax but you may wish to talk to our bank regarding their charges. 

Thank you.

Hi Kuni,

Currency conversion from one bank account to another does not incur Income tax. Neither does converting US dollars to British pounds. 

Thank you.

I earned the Hong Kong dollar from my past work in Hong Kong. In the past years, I converted Hong Kong dollars to US dollars (is money not the shares). Now, I am a tax resident in UK, and will convert the US dollars to British pounds. For the above these transactions whether the gain on the currency conversion from one bank account to another does incur income tax? And or, these transactions should be recognized as the capital gain or loss? Deeply appreciate for your reply.

Hi, No there is no tax chargeable on any gain from exchange of foreign currency in this case.

Hello...at present I am staying and working in Malaysia. I am an Indian National. We have something here called Employee Provident Fund in Malaysia which is like a pension scheme contributed both by Employee and Employer. Can you kindly advise if I transfer that money from my Malaysian Bank Account to my UK Bank account would there be any Tax implications. I would be permanently relocating back to the UK for work very soon. Thank you........

Good morning, I am an Italian national living and working in the UK. I recently transferred some money from my Italian bank account to my UK bank account. The money I transferred comes from savings I gathered throughout years with birthdays and other special occasions. Do I need to pay any tax on this money?

Hello, I have a question about my personal situation: I got married since 2009 in Spain. My wife and I had lived there until 2019, it was when we came to Uk. We are wondering to buy a property as first buyers and we have savings in a Spanish bank account from ours jobs when we were living there. If we transfer the money from this Spanish bank account to a Uk bank account, do we need to pay any taxes or to tell to HRMC this movement? Thanks for your help

Hi Arijit Banerjee,

There is no Income Tax implications on the transfer or money from one bank account to another. However, if you become a UK tax resident and you continue to receive money from this pension fund then this would be reportable and subject to tax in the UK. 

Thank you.

Hi
 

Antonio Corbacho Martin,   There are no personal tax implications on the transfer or money from a Spanish bank account to a UK bank account. However if this money generates interest then this would be subject to income tax, dependant on the amount.  Thank you.

Hi
 

Lisa Sorenti,   You do not need to pay any tax on this unless the account you have put this in generates interest. In this case, the interest may be subject to tax dependant on the amount.  Thank you.

Hello, I am a British citizen and I want to transfer around £2500 from my Non-Resident Indian bank account to my bank account in the UK. Will I have to pay tax on this amount in the UK? If you need any more information to answer my query, let me know. Thank you.

Hi, Is there a limit how much my cousin brother from the USA can transfer to me (UK bank account) as a gift? A maximum allowance? Thank you

Hi Anit Saxena,

There would be no Income Tax due on a transfer of money from an Indian account to a UK account. However, if the money then generates interest in the UK account then this would potentially be subject to tax. 

Thank you.

Hi
 

Rafa123 Rafat,

There is no limit, however you may wish to check with your bank regarding any fees that may be incurred.

Thank you.

Hello, I am a UK resident. My question is if my Dad sends me money from oversees for me to buy a property in the UK, do I have to declare this transfer or pay tax? Thanks a lot.