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Posted Tue, 21 Dec 2021 14:03:21 GMT by Aynenreis
Hi I have a tricky one here and I don't want to do anything wrong. I live and work in UK and my taxes are normally deducted from my paycheck regularly. I have a UK bank account and using that, I'm transfering money to a crypto exchange. From there, I'm doing some exchanges and transfer that money from the crypto exchange to my Turkish bank account. And lastly, from my Turkish bank account, I transfer the money to my UK bank account. What I basically do is using this path, I'm making small amounts of money by using the exchange rates but the transfers are relatively big. I'm ready to pay taxes but I have no idea if I have to and how. I don't want to do anything wrong. Thanks in advance and sorry for being a pain.
Posted Wed, 22 Dec 2021 14:00:52 GMT by HMRC Admin 17

Hi,
 
Please see guidances here :

Check if you need to pay tax when you sell cryptoassets  

and  :

Capital Gains Manual  

to see if you need to pay tax on this .

Thank you.
Posted Wed, 05 Jan 2022 15:22:37 GMT by Pablo Santana
Dear All, I am Chilean, I am working in the UK for the last 7 months and I will be at least 6 more months. I want to transfer money saved from my work in Chile from my personal bank account in Chile (it does not generate interest and I have not received a salary in that account for 7 months) to my personal bank account in the UK. Should I declare it or pay taxes for the transfer? Thank you in advance for your help.
Posted Fri, 07 Jan 2022 17:19:34 GMT by HMRC Admin 10
Hi Pablo Santana

There would be no tax implications for income tax purposes in this situtation.

Thankyou.

Regards.
Posted Tue, 11 Jan 2022 19:54:57 GMT by smorrison
Hi, I'm a British Citizen who is resident in an EU country. I'm not a British tax resident. I'm looking to transfer money from my country to the UK to fund purchasing of a property. Are there any tax implications for this transfer? And does the amount matter?
Posted Thu, 13 Jan 2022 12:47:55 GMT by Ernest211
Hi, I arrived the UK in late July under the BNO visa. If I transfer money from my bank account in Hong Kong now will there be any tax payable? Thanks.
Posted Thu, 13 Jan 2022 13:31:31 GMT by HMRC Admin 19
Hi smorrison,

There are no Income Tax implications on the transfer of money. 

Thank you.
Posted Fri, 14 Jan 2022 17:32:12 GMT by HMRC Admin 20
Hi Ernest211,

There will be no income tax implications on this transfer.

Thank you.
Posted Fri, 11 Feb 2022 18:40:06 GMT by NoelM
Hi my son is a resident in Spain and I am sending him a deposit of £35,000 to buy a flat. He will be paying me back on a monthly basis from his Spanish bank account to my UK account, do I have to pay any UK tax on this monthly amount?
Posted Fri, 11 Feb 2022 19:13:22 GMT by Polly Pang
Hi, I am a tax resident in the UK. I'm going to transfer some of my savings to another country for fixed term deposit. Do I need to pay capital gains tax when I transfer my money (capital + interest) back to the UK? Thank you.
Posted Mon, 14 Feb 2022 15:08:56 GMT by HMRC Admin 17

Hi
 
NoelM ,
 
No there is no income tax implications on this unless there is an agreement where he is paying you back interest as well. 

Thank you.
Posted Mon, 14 Feb 2022 15:11:50 GMT by HMRC Admin 17

Hi
 
Polly Pang,
 
You would not need to declare this for capital gains purposes but as a UK resident you will be required to pay income tax on the interest,
even if this money is held abroad.

Further information on foreign currency if held as an asset however can be found here :

Capital Gains Manual .

Thank you.
Posted Mon, 14 Feb 2022 15:25:20 GMT by Polly Pang
Hi, I moved to the UK last year and moved my clean capital(savings) into the UK. If I'd like to transfer some saving to other country for fixed term deposit. Do I need to pay CGT for the principal if I move my money back to the UK? Thank you.
Posted Wed, 16 Feb 2022 14:28:06 GMT by HMRC Admin 2
Hi,

It would depend on the actual type of investment as to whether a disposal takes place.

You can find guidance on foreign currency bank accounts here:

CG78321 - Foreign currency: foreign currency bank accounts - periods from 6 April 2012

Thank you.
Posted Mon, 28 Feb 2022 12:34:15 GMT by Tim Rose
Hi - I moved back to the UK from the Netherlands last year, and now wish to transfer some savings to my UK account that I had built up from my time working there. Would there be any tax implications of this? Many thanks.
Posted Tue, 01 Mar 2022 11:51:46 GMT by HMRC Admin 28
Hi,

There would be no tax implications on this unless it generates interest in a bank, in which case the interest would be subject to tax.

Thank you.
Posted Thu, 03 Mar 2022 07:29:40 GMT by wft1997
HI, I hold a UK passport since 2015 but was not a UK tax resident due to full time work and live in China (over 183 days a year) for the past few years. Before 2015, I was a HK resident. My employer is a HK base company who pays salary to my HK bank account. Based on HK law, both my employer and I contributed to my pension fund (MPF) in HK for the past years. I plan to move and live in UK after June 2022. I will be a UK tax resident in 2022/2023 tax year and onwards. If I cash out my HK pension fund (MPF) after my move to UK (may be in 2022 and/or afterwards) and transfer the pension money from my HK bank account to my UK bank account, Is my HK pension money (accumulated in the past years) taxable in UK after I have become a UK tax resident? Understand that UK & HK have a Double Taxation Agreement (DTA) for the avoidance of double taxation (including income and pension money). However, as I am neither a resident of HK nor a resident of UK in the past few years, the UK&HK DTA should not be applicable to me. Is it right?
Posted Thu, 03 Mar 2022 13:45:36 GMT by HMRC Admin 2
Hi,

Based on the tax treaty with the UK and Hong Kong, all pension income arising in Hong Kong will be taxable only in Hong Kong.

Hong Kong: tax treaties

If you are not resident in the UK at the time this is cashed out, this will still not be taxable in the UK.

You would not need to report this income to us. 

Thank you.
Posted Fri, 04 Mar 2022 11:42:12 GMT by wft1997
Your reply is appreciated. Would like to further clarify whether my HK pension money (MPF) is taxable or not if it is cashed out after I have moved to UK and become a UK tax resident.
Posted Fri, 04 Mar 2022 16:56:50 GMT by HMRC Admin 2
Hi,

Pensions from Honh Kong are liable to tax only in Hong Kong so you will not need to report this as a UK resident. 

Thank you.

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