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Posted Wed, 17 Jan 2024 11:18:17 GMT by
Hello, I have a question, I have been living outside the UK for few years now, recently I got married and now moving back to the UK with my wife, she got a spouse visa. My wife and I have some savings and she also got some money as the tradition here as gift from her family. How do we bring this money to UK, and do we have to pay tax on it? One of our relative who lives in the UK but also has business abroad offered us to pay GBPs in our bank account here in the UK and we can give the local currency to him. It is in roughly £20,000. Will this approach will create problem for us in the UK, if so how do we move this money to the UK? Please can you advise? Thank you Kind regards
Posted Fri, 19 Jan 2024 10:10:28 GMT by HMRC Admin 25 Response
Hi john fontain,
There is not tax due on the transfer of the capital only on any interest or dividends that this generates would be seen as taxable income. HMRC cannot advise you on how to transfer the funds.
Thank you.

 

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