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Posted Wed, 08 Nov 2023 09:48:50 GMT by vickky1978 Vickky
Hello, my friend living in Holland needs my help to lend her 5000£, she will send the money back in 3 different amounts/ months as she will not be able to send it all at once. Are there any taxes I need to pay ( other than bank commission ) when sending or receiving the money back from her? Is it legal to send this amount of money outside UK, I mention that I will receive it back in next 3 months. Thank you!
Posted Thu, 09 Nov 2023 15:59:47 GMT by HMRC Admin 25
Hi vickky1978 Vickky,
No,  it is perfectly legal for your to send money to your friend.
If your friend paid you back more than you sent, the difference would be classes as interest and would be taxable.
Thank you. 

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