Transferring personal money to UK

Hello, I have a bit of savings back in my home country which I would like to bring over to the UK to help purchase my first home. I would have to bring about £40k, will I have to pay tax on this money? (This money has been in a savings account for a few years now, all tax has been paid in my home country and I would not like to pay again).

Hi,
 

There would be no income tax implications on this unless you have previously claimed the remittance basis on this income that you are now bringing into the UK. If the money generates any interest in a bank however, this would be reportable for tax purposes. Thank you.

Hi, Thanks for the fast response. Am I right to assume I can just transfer my offshore savings to my UK bank and wont need to do anything else? (such as self assessment)

Hi,
 

For income tax purposes, yes this is all you would need to do. As advised though, if you have previously not delared this income to us due to the remittance basis then t his will become taxable when brought into the UK.

Thank you.

Hello, I am in the same situation. I want to buy my first home and have savings which I want to transfer to UK account. I am not sure if I understood if I would need to pay any taxes. Could you please explain this sentence: if you have previously not declared this income to us due to the remittance basis then this will become taxable when brought into the UK. What does it mean remittance basis? As money which I have was not my income but it was a gift from my parents and my savings I did not declare it in the UK. All taxes were paid in my home country. Thanks Indre

Hi,

As a UK resident, any foreign income earned while a UK resident generally needs to be reported to the UK unlss you are non domicile. In theses cases you can defer reporting the income until it is brought into the UK.

Gifts of money would not need to be reported for tax purposes. Any interest gained on the amount would however have been subject to UK tax. 

Thank you.

Thanks also for the reply above. I also have a question, what if I have had this money before being a UK domicile? What I mean is, I am not working outside the UK, all the money I have kept at my home country is from my past earnings. What should I do in this case?

Hi,
 

If this is money you had before becoming UK resident for tax purposes then you can bring in that money without any tax implications. Thank you.

As a British citizen who is both non-dom (I believe) and non resident, if I transfer money from offshore to invest in the UK, is this subject to any UK tax? The funds are held in an EU country but I am resident in a Latin American country, where I pay tax Some years, I do have to complete a UK tax return as a non-resident

Hi SteveL55,

If the income is actully in the UK you might need to do a Self Assessment tax return. 

See further guidanc here :

Tax on your UK income if you live abroad.





 

I am a British Citizen currently living and working in Japan. I have a small amount of rental income in Japan having rented out my Uk residence. I need to send money from Japan to the Uk to pay my mortgage and send money to my children. I have paid income tax in Japan on this money. Is there a tax consequence to transferring money to the Uk?

Hi,

As the property being let is in the UK and under article 6 of the UK/Japan double taxation agreement, the income from this property is taxable in the United Kingdom.  

UK/Japan Double Taxation Convention

You are a non resident landlord and should be completing Self Aassessment tax returns each year. You can see more information here:

Check if you need to send a Self Assessment tax return

You may also have to pay tax on the property in Japan. If that is the case, you claim a tax credit for the tax paid in the UK and thus avoid double taxation.  

HMRC is currently running a let property campaign, allowing disclosure relating to the past tax years:

Let Property Campaign: your guide to making a disclosure

There are no Income Tax implications arising from the transfer of money to the UK.

Thank you.



 

Hello. I am planning to transfer around 70,000 GBP from my bank account in Turkey to my account in the UK. I just moved here and I am now considered a resident. I obtained the savings from the sale of my house in Turkey around september 2021 and they have been kept as savings since then. I have paid all needed taxes in turkey. I plan to buy a house with this money within a year or two. Will I need to pay any taxes to transfer these savings to my account in the UK? Thanks in advance.

Hi aimee duerden,

You will not need to pay taxes on the transfer of the capital but you will need to declare any interest or dividends it generates whilst in the bank.

Thank you. 
 

Dear HMRC Admin, I would like to clarify few things. I am moving to the UK under skilled migrant visa (5years). Currently, I am in living and working in Dubai/UAE since 2010. I have done couple of investments in stocks of about USD 250,000. The investments were done offshore platforms in Man of Isle, Bermuda and US (MetLife). I would like to know if these will be taxed when these gets matured and withdrawn assumingly that I will transfer them to my UK bank account in next 5 years before my residency status changes to permanent. Apart from them, I will be transferring around 60,000 GBP into my UK bank account after the move, will this be taxed? Last, over the last 11 years, I have purchased gold jewellery for my wife. While moving to the UK, we are planning to bring it with us, are there any special rules we need to follow and will this personal jewellery be taxed? Thank you

Hi My client has sold a property in Ireland & paid CGT there. Thye no wish to transfer the funds to the UK. THey are UK domiciled.

Hi, I became UK citizen 2 months back and I am planning to sell Land in India and get the money to UK to buy a house here. Do I need to pay tax if I transfer the money to UK? I purchased this land 4 years back by selling another house in India which was purchased 12 years back.

Hello, I'm going to sell an asset in my home country to buy my first house in the UK and want to bring this money in, does this has any tax implications? Do I need to prove or declare anything? Or just transfer to my UK bank account? Thanks.

Hi, Not sure if the right forum, I am originally from the UK and now live in Norway. I have some land in Nicaragua which is due to be sold, it is however not in my name. If I sell it, can I receive the money into my UK bank account and if so will I be tax on it? The sum hopefully will be around $30,000 and comes from a land sale (empty lot). Thanks for any advice/help

Hi bullwicked,

You can see the following guidance on residence, domicile and remittance:

Residence, domicile and the remittance basis: RDR1

You will also need to take the statutory residence tests here:

RDR3 Statutory Residence Test

Once you have determined your residence status, you will be able to determine if the money being transferred in, is taxable.

If any of the money being transferred into the UK, is income or gains, generated in the tax year in which you become resident, then this will be taxable. All other monies, not from income or gains in the current tax year is not taxable.  

You can see guidance on importing personal goods here: 

Check how to declare personal goods you bring into or take out of the UK

Thank you.