Transferring personal money to UK

Hi ,
 

Income arising from your savings while not resident in the UK, is not taxable in the UK.  Any income arising on the foreign savings while you are resident in the UK, is taxable and should be declared.  Any capital can be transferred to the UK and not be taxable in the UK. Thank you .

If I pay dividend tax on my US-based mutual funds on the remittance basis, and then redeem one of the funds (under £50K) and bring that money to the UK, what percentage tax will I pay on that money?

Hi ,
 

As a UK tax resident, you are taxable on your world-wide income and capital gains.  As you are disposing of an overseas property, you are required to declare the disposal in a self assessment tax return.  Please have a look at the guidance on private residence relief on helpsheet HS284 (: HS283 Private Residence Relief (2024) ).  There is a capital gains tax calcultor at :  Tax when you sell property , to help you work out your gain.  All of the figures in the calculation must be in GBP sterling.  You can use an exchange rate in use at the time to conver from the foreign currency.  Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  For your convenience, there are exchange rates at : webarchive.nationalarchives.gov.uk/ukgwa/20231016190054  :  Exchange rates from HMRC in CSV and XML format  and for older rates at webarchive.nationalarchives.gov.uk/ukgwa/20100202113554: Exchange rates from HMRC in CSV and XML format   . You are free to use any of the supplied rates or one of your own choosing. Thank you .

I am a UK tax resident and on domicile status. I intend to sell my overseas property and then transfer the proceeds to the UK. Apart from capital gain tax that I need to pay, do I need to pay any tax for the transfer of such proceeds to the UK? Also, I lived in the above overseas property for around 10 years before I move to live in UK, do I entitle to the Private Residence Relief when I sell such property? Kindly advise.

Hi J Chan,
You will have to work out if there is a Capital Gains liability, using UK rules for Capital Gains.  
This means that you need to convert the values to GBP sterling, using a just and reasonable exchange rate in use at the time of acquistion and disposal.  The disposal should be reported in a Self Assessment tax return.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal.  
For your convenience, there are exchange rates at: https://webarchive.nationalarchives.gov.uk/ukgwa/20231016190054/Exchange rates from HMRC in CSV and XML format and for older rates at UK Government Web Archive/ukgwa/20100202113554/Exchange rates from HMRC in CSV and XML format.
You are free to use any of the supplied rates or one of your own choosing.
Thank you.

Hello, I emigrated to the Uk in Sept 2023, and now I want to transfer money £580, 000 from Hong Kong for buying a property in England. Is my savings taxable? Thanks. Jason

Hi,
There are no tax implications for transferring savings to a UK bank account unless they generate interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you

I am planning to move my family to UK in the next year. Is it better for me (tax wise) to sell my property in my current country before moving to UK or move to UK then sell at current country? I believe if I move before I sell then I am liable to pay UK tax (capital gains?) despite having to pay off the mortgage loan? Please advise if it is more favorable to me to sell before I move?

Hello My husband is a UK resident and he is selling a property given as a gift to him by his sister in Vietnam. He would like to send this money by bank transfer to the UK. Would this money be subjected to any tax if he already followed tax rules in Vietnam where the property was. Thank you for any info and advice. Kind regards Jade

Hi kai1638,
This question is asking for financial advice.  we can only provide general information / guidance in this forum.  
For an answer to a detailed question of this nature, you would need to seek professional advice.
Thank you.

Hi Jade,
He will need to report the sale of the property to the UK as this is a Capital Gain. Foreign tax credit may be applied in respect of the tax paid abroad to set against the UK tax bill -
Capital Gains Tax: what you pay it on, rates and allowances.
Thank you.

Hi, I have inherited property from my father in pakistan who was a british citizen. I am in the process of selling the property and would like to bring the money over to the uk to invest here. what are the tax implications for this as i would like to have everything above board to be able to utilise the money here in the uk.

Hi,
You would need to work out if you have a capital gain arising from the disposal of this property, using the UK rules.  
You would need to convert the inherited value from Pakistan Rupees to pounds sterling and the disposal value, using exchange rates in use at the time.  
The disposal should be declared in a self assessment tax return, even if no capital gains tax is payable.  
Under the terms of Self Assessment, we do not provide an official exchange rate and the onus is on the individual to use a just and reasonable exchange rate for each acquisition and disposal. For your convenience, there are exchange rates at Exchange rates from HMRC in CSV and XML format and for older rates at Foreign exchange rates and spot rates: 1 January 1989 to 31 March 2009.
You are free to use any of the supplied rates or one of your own choosing. 
Thank you.
 

Good afternoon I am in the process of selling land in Pakistan. How can I bring all the money back in the UK estimated amount around 140k. If I bring it via remitaley would I have to pay tax. Would I have to inform the HMRC about selling the land. Can I gift the money to my children around 50k each, would I still be taxed even if I gift to my children. Can you please advise me. Thank you. 

Hi there, I'm a UK resident; I just finished law school, and after four years of studying and having two kids, I ended up with debts on my credit cards. My father plans to help me by sending the money from where he lives abroad to pay my credit card debts. It will be a one-off in the amount of around £12.000 to pay two of my credit cards. When he transfers this money, he will pay taxes over there already, and it will not be helpful if I need to pay taxes twice. Would that be taxed here, too? Thank you very much for your help.

Hi
There are no tax implications for transferring savings to a UK bank account unless they generate interest or dividends. 
These would then potentially be subject to tax. 
Further guidance can be found here: 
Tax on savings interest 
Tax on savings interest
Tax on dividends 
Tax on dividends

 

Hi I have a query regarding bringing a super lump sum into the UK. I am a UK citizen who worked in Australia for 10 years and paid super from my wages and was taxed at source in Australia. Now that I am nearly ready to retire I have received a lump sum £21k from my super fund. I would assume I need to declare to the HMRC which I am going to do, but do I need to pay tax on it as already paid in Australia? And also what is the procedure regarding declaration of the money received? Thanks

Hello. I hope you are well. I have a query on this topic. I will be receving around 42k into my personal account and wanted to understand at which point does this have tax implications. Thanks.

Have a nice day, I’m a resident in UK and work as a self employed since 2021, I have my own apt in my home country . I’m paying all relevant Tax and due expenses in my home country. I’m planing to sell the apt with an amount which will be more then 2 Million pound. I’m planning to transfer this amount to my own account in UK and to invest in buying apt to my self and the different will be for different investments. Is there income or gain tax or any else due to the HMRC / Gov to be payed from the amount which I am planning to transfer ( 1.5 million)¿ Thanks for your help Regards

Hi, I am an international student from China studying in the UK, and I have a couple of tax-related inquiries that I would appreciate your assistance with: Tax on Gifted Money: I have received a monetary gift in British pounds from my parents. I understand that gifts are generally not taxed in the UK, but could you confirm whether this gift is exempt from taxation? Additionally, I would like to know whether this gifted amount would count towards any of my allowances, such as the Personal Allowance or Savings Allowance, when calculating my tax obligations. Tax on Savings Interest: I do not have any other income besides the interest from my savings. If my annual savings interest is below £5,000, am I correct in understanding that I would not have to pay any tax on this interest, as I do not exceed the starting rate for savings, and my total income is below £17,570? Could you kindly provide clarification on these points and let me know if there is any further documentation or information you require from my side?