Sending money from abroad to UK account

Hi Rummie Pavlova

No.  You would only need to declare any interest that the money generates from the date you received the gift.

Thank you

Hi Bianca Muresan

No.  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
and
Tax on dividends

Thank you

Hi HMRC, From what I read in previous posts I think I understand, but thought best to double check here. I am a UK national working for and International Organization and with resident status in Germany. I want to send some savings made in Germany to my UK bank account (approximately 14000 euros). Is this taxable if I move it from my foreign to UK account? Thanks for your help

Hi esparkes1
No.  
You can transfer this money to your UK bank and not have to pay UK tax on it.

Hello, I am a Tier 2 visa holder. I have a relative in Nigeria who buys UK goods and sells them in Nigeria. He wants me to make exchanges of naira to pounds on a regular basis for purchase of these items from UK sellers. I would not be making any profits from these. Would I be liable for payment of tax on these transactions? Am I to declare these?

Hi Celestine Ugwu,
From a HMRC tax perspective, there is no tax implication.
You should check your visa to confirm what you can and cannot do and you may need to check with your bank as well.
Please have a look at the guidance on bringing cash into the UK and consider money laundering implications.
Take cash in and out of the UK
Thank you. 

Hello, I am a UK citizen, an I am expecting someone in Australia to gift me £100,000 from his personal account to mine. I would like to know if such a gift would be taxable, and if I would I need to inform HMRC? Thank you.

Hi arifstone 

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 and
Tax on dividends.  
You may want to discuss with your bank though due to the level of funds to be received.

Thank you
 

A family member living in Gibraltar has given me a cash gift of £100,000 from their Gibraltar Bank account to my Gibraltar bank account which I am looking to close as the UK is now my primary residence (previously Gibraltar). Is there any tax implications on transferring this amount from my Gibraltar account to my UK bank account - e.g. Inheritance, Income Tax etc

Hi,

No, 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 seen here:

Tax on savings interest

Tax on dividends

Thank you. 

 

Hello, I am an EU national with pre-settled status currently living in the UK and counting as UK-resident for tax purposes. I have some money on a bank account in Italy which I would like to transfer to my UK bank account and then from there to a stocks and share ISA. Is there any limitation or taxes to be payed on money taken into the UK? Please note that this money is not resulting from any investment nor interest matured in Italy, it is liquidity from a bank account (roughly 10k). Thanks for your help.

Hi Zafed,
No,there are no limits to the amount of capital you transfer from Italy to the UK.
As it is savings, it would not be taxable.
Thank you, 

 

Hello, I am from UK but work/live remotely in Singapore and receive most my income in dividends. For the 2024 tax year, if i declare £24,000 of dividends from my foreign company, pay the taxes in singapore, then send to my UK bank account, what tax is there on foreign dividends, 5%?

Hello, I am a UK resident with settled status. My brother who is a captain at sea wishes to transfer around £20,000 to my account as a gift to me. However since he is at sea, the company he is working for will transfer the amount(basically his salary). Will this have any tax implications? Please advise. Thank you

Hi lexyz2288

If you are not resident in the UK and the dividends do not arise in the UK, then they are not taxable in the UK, even if you send the dividends to a UK bank account.  The UK bank interest is taxable, and if it exceeds £10000.00, then you will need to complete a tax return.

Thank you

Hi Junita Dsouza,
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
You would not have any Inheritance Tax issues with this gift, as the individual is not UK resident.
Thank you. 

 

Thank you for your reply. Sorry, one more question - is it alright to receive cash gift from a company account? What documents are required to prove as cash gift? Please advise. Thanks once again :)

Hi,

You would need a letter on headed paper to confirm this.

The company would also need to keep a record of this for their company accounts as this would not be a deductable expense.

Thank you.

Hi, I would like to transfer some money from my Swiss bank account to my UK bank account. Will this have any tax implications? Do I have to declare them? Is there a limit to bring money from the abroad?Thank you.

Hi I have dual nationality Jordanian and British and I was working abroad and considered non resident up to when CoVID hit us I became UK resident I have savings acculturated during my working time abroad and earning interest which I declare in my yearly tax return Now I ran out of money in the UK and my retirement money is not enough so I want to bring all my savings to the UK Can I do this with no tax implication as I have already declared the interest earned I am also considered non domicile but have not used the remittance bases before Thanks