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Posted Tue, 16 Mar 2021 15:21:08 GMT by HMRC Admin 5
Hello rrobotx1.

There is no income tax implications when you move capital from one bank account to another or if you  make a cash gift. 
You may wish to check with your bank  and/or  County in whick you are transferring the money from. 

Thank You.
Posted Mon, 22 Mar 2021 19:31:10 GMT by Kuni
I will apply the BN(O) visa and move to UK soon. For the clean capital purposes, whether should I have to declare and/or provide all the bank statements when I apply the BN(O) visa? And or, should I have to declare and require for the confirmation by stamp from UK immigration department onto my all bank statements in order to prove that these money are not from income when I entered in UK? Thank you very so much for your reply in advance.
Posted Wed, 24 Mar 2021 10:54:40 GMT by HMRC Admin 17

Hi

Kuni, 
 
We do not deal with visa's and immigration on this forum. 

You will need to contact the Home Office for information regarding this.

If you become UK tax resident then any overseas bank interest may be subject to UK income tax, regardless of visa type. 

Thank you.
Posted Wed, 24 Mar 2021 13:02:43 GMT by SHina
Hello, I am a UK resident, I live in EU. I'd like to transfer some money back to UK bank account, am I liable to pay tax ? It is not earned income as I don't work. Is there any upper limit that I can transfer ? If I transfer it to my British husband's bank account, will there be any tax implication ?
Posted Thu, 25 Mar 2021 13:54:46 GMT by HMRC Admin 20
Hi SHina,

There is no income tax implication on the transfer of money to a UK bank account but you may wish to speak to your bank re any possible fees. 

Thank you.
Posted Thu, 25 Mar 2021 18:39:03 GMT by SHina
Thanks for your reply. Just to clarify, I used to live in EU, but I no longer live there and now I am a UK resident. Now, I would like to transfer my money from my EU bank account to my UK bank account, so are there any tax implications?
Posted Mon, 29 Mar 2021 14:44:47 GMT by KS144
Hello, I am from Hong Kong, planning to apply BN(O) visa. From my understanding, there is no income tax associated with capital transfer from my overseas bank account to UK bank account. Might I know what supporting is required to prove that the money is capital accumulated before becoming the tax resident? Also, if I land UK on 1 August 2021, do I need to declare the income which were gain between 6 Apr and 31 July? Thank you
Posted Tue, 30 Mar 2021 08:55:16 GMT by HMRC Admin 17


Hi 

KS 144,

 
You would not need to provide any evidence for this money being capital.

For the year of entry to the UK you will need to determine your residency status.

If you are deemed UK tax residence then you would need to declare all your worldwide income for the year.

However if you are UK resident, then you may qualify for split year which would mean you only declare income from the date you enter the UK.

Further guidance on both of these can be found here :

RDR3 Statutory Residence Test .

Thank you.
Posted Tue, 30 Mar 2021 11:59:46 GMT by HMRC Admin 19
Hi SHina,

There are no UK income tax implications but you will neEd to check with the bank for any charges.

Thank you. 

 
Posted Wed, 31 Mar 2021 00:33:38 GMT by Duncan Fry
Hi there, Just want to double check something with you. I have lived overseas for 6 years so not currently a UK resident, but still have a UK bank account that I've used forever! I want to move some of my savings from my overseas account to my UK account. I want to make sure that no taxes will need to be paid on this. Please can you advise? Thanks so much!
Posted Thu, 01 Apr 2021 09:08:15 GMT by HMRC Admin 4
Hi,
There are no income tax implications regarding this but you may want to check your bank for any charges or customs and excise. 
Posted Tue, 06 Apr 2021 12:23:20 GMT by Samer Nassif
Hello, I recently moved to the UK with my family. I need to transfer money from my personal bank account in the USA to my personal bank account in the UK. Do I need to declare this transfer to HMRC and will I need to pay taxes? Also, what is the limit amount I can transfer to the UK per year? Thank you for your help.
Posted Wed, 07 Apr 2021 09:22:58 GMT by Elisa Roldán Ciudad
Good morning, Just to double check. I'm a Spanish living in UK for more than 7 year. I want to buy a property in UK and I would like to transfer all my savings from my previous jobs in Spain to UK. I paid all tax for that money in Spain. Do I need to declare the transfers to HMRC or pay any tax for that? In addicion, I have borrored some money from my parents for the same purpose. We have done a contract in Spain and we have already declare that money there. That money is already in my spanish bank account and I want to transfer it with the rest of my money, are there any tax implications in UK? Thank you very much, I really appreciate your help. Best regards, Elisa
Posted Mon, 12 Apr 2021 13:32:21 GMT by HMRC Admin 17

Hi
 
Samer Nassif,
 
For income tax purposes there is no limit to how much you can transfer.

The taxation will depend on when the money was earned.

Any income that was earned while you were not resident is not taxable int he uk, but for example if you earn income or capital gains now that you are UK resident, that may need to be declared here.

Please see this guidance:

Guidance note for residence, domicile and the remittance basis: RDR1.

Thank you.
Posted Tue, 13 Apr 2021 09:57:28 GMT by HMRC Admin 17

Hi
 
Elisa Roldán Ciudad,
 
There are no Income Tax implications as this is not earned income.

You may want to check with UK bank to see if there are any financial implications there for the amount of money being transfered to UK.

Thank you.
Posted Sat, 01 May 2021 17:11:45 GMT by Polly Pang
Hi, my husband and I moved to the UK just 3 months ago, I already transferred my clean capital to UK. As we are planning to buy a property. I need to transfer part of money to my husband for payment completion. Does it relief from capital gain tax if I transfer my clean capital to my spouse? Do I need to declare to HMRC? Thank you.
Posted Wed, 05 May 2021 10:53:47 GMT by HMRC Admin 17

Hi,
 
A money transfer is not classed as taxable income.

Capital Gains tax arises on the sale of an asset which has increased in value. 

Thank you.
Posted Sat, 08 May 2021 00:59:43 GMT by Solo
Hello, I am currently working in the UK as a EU citizen (with pre-settlement). I’m planning to buy a property with the help of a family loan (interest free) sent by my mother. Would I have to declare anything or have to get taxed by receiving this transfer from a foreign bank account (Sweden)? Also, is there any limit of how much I am able to receive? Thank you in advance.
Posted Sun, 09 May 2021 12:28:33 GMT by 3vas
Hi. I am a tax resident in the UK, and have been paying my income taxes regularly. My boyfriend who is not a tax resident in the UK has sent me some money from overseas via paypal, which is for my personal use. Will I have to pay taxes on this money when I transfer it to my UK bank account? Thank you.
Posted Tue, 11 May 2021 10:54:08 GMT by HMRC Admin 17

Hi,
 
No there will be no income tax due on this money. 

Thank you.
 

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