web
You’re offline. This is a read only version of the page.
close
Skip to main content

This is a new service – your feedback will help us to improve it.



Posted Tue, 16 Jan 2024 16:08:01 GMT by
Hi. I have a house abroad but have just moved 'permanently' to the UK and am working towards ILR. I wish to sell the house and bring the money to the UK. Will I need to pay tax on that money or just on any interest gained from it? Thank you.
Posted Tue, 16 Jan 2024 16:50:33 GMT by John Ismail
Hi, Is there any limits per transfer or total annual for cash gifts from overseas to my UK account? My father is helping us and sending 3-7k£ per month. Thank you in advance.
Posted Thu, 18 Jan 2024 15:41:29 GMT by HMRC Admin 32 Response
Hi jppearson,

You may have Capital Gains Tax to pay in the UK on the disposal of the property. You will need to work out if a capital gain arises from the property disposal. To do this, you will need to convert all aspects of the acquisition and disposal, including axquisition and disposal costs, as well as claiming private residence relief.  

Have a look at:

HS283 Private Residence Relief (2023)

Capital Gains Tax

There is a calculator to help you work out if there is tax to pay. If there is, you will need to report it in a Self Assessment Tax Return, on SA108 and SA106, if you have paid foreign tax on the property disposal.  

This will allow you to claim a credit for up to 100% of the foreign tax paid.

Thank you.
Posted Thu, 18 Jan 2024 15:44:39 GMT by HMRC Admin 32 Response
Hi John,

There is no tax implications on the giving or receiving of cash gifts. Any interest that the gifts generate once in your posession, are taxable and should be declared. If the transactions are from bank to bank, then the banks will be monitoring the transactions, to ensure there is no money laundering or other concerns.

Thank you.
Posted Thu, 25 Jan 2024 13:37:15 GMT by
Dear HMRC Admin, I have recently placed deposits in few British banks (overall about 200.000 gbp). Some of that money consists of my personal savings which I had saved before moving to the UK, as well as the money that I have already collected working here in the country. Please, let me know when and how should I pay tax on my saving interest? Thank you in adavnce!
Posted Mon, 29 Jan 2024 15:21:42 GMT by HMRC Admin 32 Response
Hi ABS ABS,

If your UK interest exceeds £10000, then you will need to report the interest in a self assessment tax return, even if no tax is payable.

Otherwise, in a letter to HMRC, with details of the banks and the amounts.

Thank you.
Posted Mon, 29 Jan 2024 16:16:17 GMT by
I am in South American (Colombia) & bought a property. I am looking to return to the UK in April (I was born in the UK & am a British citizen). I have not travelled to the UK since December 2022. When I sell the property & transfer the money back to my Barclays account in the UK, will I have to pay UK tax, although I will be already be paying tax here on the sale of the property and also on any money leaving the country.
Posted Thu, 01 Feb 2024 09:37:49 GMT by HMRC Admin 25 Response
Hi Mark I Bryan,
There are no tax implications for transferring savings to a UK bank account, unless they generate income.
 Any interest earned will be subject to tax.
Thank you. 
Posted Mon, 26 Feb 2024 08:55:09 GMT by Robjamm
I am a uk citizen, not lived in the uk for 15 years. Overseas tax resident (Australia). Moving back to uk in 2025. Will I have to pay tax on my money I bring into the country from the sale of my house? It’s my main residence and the only property I own I have lived in Australia for 15 years don’t own any property in the uk. Any taxes will be paid here from the sale of the property
Posted Tue, 27 Feb 2024 15:13:00 GMT by HMRC Admin 32 Response
Hi Robjamm,

HMRC cannot comment on future events as legislation and plans may change.

Thank you.
Posted Sat, 09 Mar 2024 08:57:49 GMT by Emre Erturk
Dear admin, we have just moved to the UK and planning to sell our house back in our home country. Upon selling, the money will be transferred to our UK account but we will have already been applied taxes on this money from our home country. What documents should I present to prove that money has come from selling the house? For example, bank account transfers, an officially signed document from the real estate agency etc. And will we need to pay income tax for this money when it is in our UK account?
Posted Tue, 12 Mar 2024 14:36:18 GMT by HMRC Admin 19 Response
Hi,

Although you will be taxable in the country that your home is located, if you are resident in the UK at the time of completion of the disposal, then you may be subject to Capital Gains Tax in the UK.  

To calculate if there is a gain, you will need to convert the acquisition costs using a just and reasonable exchange rate in use at the time of aquisition. You will also need to do this for the disposal value.  

If the property was you main residence, you may be able to claim Private Residence Relief to reduce any potential capital gain. You can see guidance here:

HS283 Private Residence Relief (2023)

There is also a calulator to help:  

Tax when you sell property

Any Capital Gains Tax payable will need to be declared in a Self Assessment tax return. You can see guidance for Self Assessment here:

Self Assessment

Thank you.
Posted Mon, 18 Mar 2024 11:12:23 GMT by Shidqi M
Hi HMRC Admin, Thank you for all the reference and materials that has been circulated, and apologies for asking what might be similar questions from countless of other accounts - I just want to make sure that I understand both Private Residence and Lettings Relief 2023 correctly. I am planning to sell my main residence while I was living in the Netherlands (EU) for 4 years. If I move forward with my plan, the deal will be closed while I am a UK resident. After applying all the necessary costs related to the property (acquisition cost, maintenance cost, disposal cost, supporting services to sell the property, remittance conversion), the gain will be subject to pro-rate of the time I use the property as my main residence. For the sake of argument, let's put GBP 50,000 as the gain I got by selling the property. I use the property 75% of the time as my main residence, which means GBP 37,500 will be exempted from CGT. And then, for Lettings Relief, the maximum amount I can claim (subject to proof that I have been letting the property through proper documentation) will be the same with Private Residence Relief - means GBP 37,500 max. Would this means I will be exempted from CGT once I bring the gain from selling my property in the Netherlands to the UK? My understanding is, since both Private Residence and Lettings Relief is pro-rated - means a function of percentage - would that means I will always got exempted from UK CGT since I plan to sell the property while the percentage of time I live there is still above 50%? Is there a maximum cap of capital gain which I need to adhere in order to get exempted from UK CGT? Will there be any foreseeable changes in UK CGT? I can imagine that, once this situation unfolded, it will be Q3/Q4 2024 where 2024/2025 tax regime will be enforced. Last question, where can I send all of the proof of buying, selling, and maintaining the property? Thank you for all the consideration given.
Posted Fri, 22 Mar 2024 10:42:59 GMT by HMRC Admin 25 Response
Hi Shidqi M,
Letting relief is only due if you are living in the property and letting it out at the same time
CG64710 - Private residence relief: letting: relief for letting of residential accommodation
If the whole house has been let out then no letting relief is available.
This will therefore impact on your figures and capital gains may be due.
No proof is required at this time but you  must include a computation on how you have arrived at your figures.
You may be asked to provide evidence at a later date.
Thank you. 
Posted Wed, 10 Apr 2024 18:16:51 GMT by Vin
I am originally from Brazil and moved to England in November 2020, before Brexit. I have Italian citizenship. I have savings in Brazil (50,000 pounds) that were earned from my work while I was living there. After moving to the UK, I filled out a Brazilian document to stop paying taxes in Brazil and avoid double taxation in the UK/BR, which means that since I moved to the UK, I am no longer a tax resident of Brazil. I plan to bring my money from Brazil to England and would like to know if I will need to pay taxes? If so, how should I proceed to pay them? If I don't need to pay taxes, is there anything else I need to do, or is it just a matter of transferring the money? Thanks in advance.
Posted Fri, 19 Apr 2024 10:43:13 GMT by HMRC Admin 25 Response
Hi Vinicius Marques Stocco,
You do not need to pay tax on the transfer of the capital.
You may be liable for any interest or dividends this then generates.
Thank you. 
 
Posted Sun, 05 May 2024 21:21:33 GMT by Amr
Hi, I'm non UK resident. Do l have to declare to HMRC money earned abroad and transfered to UK?
Posted Mon, 13 May 2024 16:05:19 GMT by HMRC Admin 19 Response
Hi,

You can see guidance here:

Tax on your UK income if you live abroad

Thank you.
Posted Mon, 13 May 2024 18:37:11 GMT by Amr
Thanks for reply, I went through guidance as per your advice but didn't find my answer. l'm British national left UK 2018 for full job abroad. I'm non resident by residency test. I have retired this year and started getting my UK pension were I'll be declaring and paying tax on it. MY QUESTION I Sent some money from my earning abroad into my UK barclays saving account. I understand l don't need to pay tax on it. BUT DO l STILL HAVE TO DECLARE IT IN MY SELF ASSESSMENT or no need?? Thank you
Posted Wed, 15 May 2024 14:02:31 GMT by HMRC Admin 10 Response
Hi
No.  
You do not need to declare this transfer.  
As a non UK tax resident, completing a self assessment tax return, you will only be declaring income and capital gains that arise in the UK, in the tax year the return relates to.  
Foreign capital transferred to the UK, is not taxable, but any interest it generates in the UK, may be taxable.

You must be signed in to post in this forum.