Sending money from abroad to UK account

Hello, We have the EU Settlement Scheme with my wife. Her parents would like to give her a family gift to help us buy a property in the UK. The sum is over £500,000 and would be sent from the US. After reading a few responses here in the forum, I understand that there are no tax implications for transferring capital from a foreign bank account to a UK bank account and only if the capital generates income, such as interest or dividends, that this would be taxable, but I wanted to confirm if for that apply for that amount as well. The money was inherited from previous generations so it's not related to the sale of a recent property or land. Thanks!

I have savings in India earned while I worked there and income tax was already paid in India. This is my own money and is subject to tax deductions at source in India. In addition to this I have transferred money from my UK earnings into this account in India after paying the UK taxes. Now I wish to transfer this to my Uk account and use it to pay as deposit for my first home. What are the tax implications if any? Do I need to pay any tax if I transfer that money to my UK savings account? If yes, how will that happen? How do I notify HMRC on this transfer if I have to notify them?

Hi,

You will not need to declare the actual transfer of the capital. You will need to report any interest or dividends that this has generated.

Thank you.
 

Hi Diego.
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).
Your bank may require evidence of the source though.
Thank you.

Hi iam moved to UK from pakistan in nov 2023 I transfer funds from pakistan wise account to uk bank for general living expenses, do i have to pay tax on these funds? Iam not doing any job in uK so in tax return what i have to show?

Hello, I am an EU national currently living in the UK with a skilled worker visa. My spouse is a UK resident. We are planning on buying a house in the UK. I am getting a donation from my parents to pay for part of the mortgage, which will come from the sale of stock market shares. All relevant taxes in my country will be paid before the money is transfered to my UK bank account. The money will be used immediately to pay for the mortgage. This is the first property either of us buys. Are there any taxes I would need to pay in the UK? Thank you!

Hi Zsharif,
No, this is not income, so there is no tax liability.
Thank you. 

Hi,
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.

I am a UK national living overseas so I'm not paying tax in the UK. As a non resident I can't find a UK savings account that I'm eligible for so I am saving money in an overseas account. If I move back to the UK I would want to transfer funds back so can I check, would I pay tax on all interest accumulated in that account over multiple years at the time of transfer? So for example if over 5 years I have earned £20,000 in interest, would that full amount be taxable immediately on transfer? Thanks

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 moved back to UK in 2022 from Czech Republic where I was a permanent resident as an EU citizen(British National) with my wife(Ukrainian) and son (born in Czech Republic). I have just sold our house (main residence) in Czech Republic and will be using the proceeds to purchase our main residence in UK as we are currently renting here. Am I correct to understand that I pay no taxes on property sold abroad if it was our main residence?. I owned this house for 8 years. Thank you in advance for a guiding reply.

Hi,
We can confirm that there are no Income Tax implications when transferring the funds from abroad unless the money on the bank account generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest: How much tax you pay
Tax on dividends: How dividends are taxed
Thank you.

I am an EU national currently residing in the UK on a Skilled Worker visa. I am in the process of purchasing a property in the UK and intend to transfer funds from my Belgian bank account to my UK account to facilitate this. The funds in my Belgian account were earned prior to my relocation to the UK through salary income. Could you kindly advise if there are any tax implications for transferring this money to the UK? Additionally, when filing my tax return, which section should I reference the transferred amount under? Please find below the additional details, - Earning in Belgian account from Salary before Aug-2022 - Moved to UK on Aug-2022 - Not domiciled in the UK and claimed the remittance basis for tax years 2022-23 and 2023-24 I appreciate your guidance on this matter.

Hi Rakesh,
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