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Posted Wed, 02 Aug 2023 15:18:58 GMT by HMRC Admin 20
Hi ak0310,

The actual capital that you transfer will not be taxable but any interest or dividends that this then generates will need to be declared as taxable income.

Thank you.
Posted Thu, 03 Aug 2023 06:33:51 GMT by
Thank you for your response. Follow up question Do I need to declare it in some way failing which it will be deemed taxable or can I simply transfer the money over a period of few months?
Posted Thu, 03 Aug 2023 10:25:04 GMT by
Hi, I am a UK resident from June end 2022, previously I lived in France for 3.5 years (Jan 2019 to June 2022). Will I need to pay tax if I bring in my savings from France? This is around 50,000 GBP and I have already paid tax on this as this is from my income earned in France while living in France. Kindly advise - thank you!
Posted Sat, 05 Aug 2023 06:46:13 GMT by
Good day, I became a UK citizen in January 2023. I would like to transfer £95,000 from my personal bank account in Turkey to my UK bank account. The source of fund is transfer of shares. I was a shareholder of a business in Turkey for more than 10 years, where I recently transferred my equity in June 2023 and took the capital I had deposited to the business in the past. Would there be a UK tax implication if I were to transfer this money to my UK bank account? I am aware I should declare any interests if I were to gain from this money in the future, but do I have to declare the money itself at the moment?
Posted Sat, 05 Aug 2023 10:53:46 GMT by
Hi, I am a UK resident since Nov'22 and moved from India and here on tier 2 visa. My father wants to gift me some money from India so I can buy a house in the UK. What is the limit for the same in one financial year and will I have to pay any tax here on that amount if I use it to buy a house? Looking forward to your respond. Thank you!
Posted Sun, 06 Aug 2023 11:11:31 GMT by Daniel Honciuc
Hello, I am EU citizen/EUSS and UK resident but UK Non-domicile. I intend to sell a house abroad bought before being UK resident and bring the money in the UK bank account, around £50,000. Is this regarded as income as there is little or no gain. Is this taxable please or Self Assessment tax return is required? Thank you.
Posted Sun, 06 Aug 2023 21:25:38 GMT by
Hi, I'm a non-domiciled UK resident. My father wants to send me 150K from his German bank account. Understood from previous responses that I wouldn't have to declare it and pay any taxes if he transfers it into my UK account (please correct me if I misunderstood). However, do I have to declare it and pay taxes if he transfers it to my German bank account instead, and I send it to my UK one, ie. it was my money at the time when I brought it to the UK? Is there a limit to tax free cash gifts? Thanks!
Posted Tue, 08 Aug 2023 12:47:59 GMT by HMRC Admin 17

Hi
 
Harshitha Ravi  ,

 
Your savings would not be taxable in the UK, unless they generate interest, which may be taxable .

Thank you.
Posted Tue, 08 Aug 2023 13:20:02 GMT by HMRC Admin 32
Hi,

HMRC would not need to know where the money came from but your bank may ask for details. No inheritance tax is due as it is not income from a UK estate/asset. As your parent is living in Poland there is no UK capital gains but she may want to check with the tax office in Poland re any charges that may be due.

Thank you.
Posted Tue, 08 Aug 2023 14:16:47 GMT by HMRC Admin 32
Hi,

No. You would not need to declare the transfer of the assets to the UK in a Self Assessment Tax Return. You would have to declare any interest arising from the transfer of your savings.

Thank you.
Posted Wed, 09 Aug 2023 15:06:13 GMT by HMRC Admin 32
Hi uur_424,

As you have transferred equity whilst a UK resident, this would be seen as a capital gain that would need to be reported.

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.
Posted Wed, 09 Aug 2023 15:38:19 GMT by
Good day. I am a duel citizen of the UK and South Africa. I am currently living and working in the UK. I have recently inherited a sum of money in South Africa which I would like to use to buy property in Northern Ireland. Would the money be taxed again in the UK after paying the inheritance tax ? Thank you
Posted Wed, 09 Aug 2023 19:55:41 GMT by Fran58
Hi, I have been resident in Turkey for the past 5 years. If I sell my house in Turkey and trasfer the money to my UK account to buy a property in the UK later on, would this money be taxed?
Posted Thu, 10 Aug 2023 06:01:58 GMT by HMRC Admin 25
Hi anushri.tyagi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Thank you. 
Posted Thu, 10 Aug 2023 09:18:38 GMT by HMRC Admin 25
Hi Daniel Honciuc,
If bringing the money to the UK it would be classed as income:
Remittance basis 2023 (HS264)
Thank you. 
Posted Thu, 10 Aug 2023 13:59:18 GMT by HMRC Admin 25
Hi Chris,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates 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. 
Posted Fri, 11 Aug 2023 11:26:42 GMT by
Hi! Amazing, thank you! Follow-up question: If I move this cash gift from my UK bank account into a foreign account and gain interest on it, can I still claim remittance basis for those gains? Or is that no longer possible because the money used to be on my UK account before being transfered out of the UK? Thanks! Chris
Posted Tue, 15 Aug 2023 13:42:28 GMT by HMRC Admin 17

Hi,
 
Cash gifts themselves are not taxable, but interest it generate is subject to UK tax. 

If you move the gift to a foreign account, you would still be taxable in the UK, on the interest it generates overseas,
unless you use the remittance basis. 

Using the remittance basis has its drawbacks.

Have a look at the guidance at:

Residence, domicile and the remittance basis: RDR1   .

Thank you.
Posted Tue, 15 Aug 2023 13:57:46 GMT by HMRC Admin 32
Hi,

You wont pay any tax in the inheritance as its from abroad. however, if the property you intend to buy generates any rental income, you need to declare this.

Thank you.
Posted Tue, 15 Aug 2023 14:21:23 GMT by HMRC Admin 10
Hi Fran58
Yes if you return to the UK .
See Paying tax on the remittance basis (Self Assessment helpsheet HS264)

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