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  • RE: Money transfer

    Dear HMRC, Thank you for your reply. Sorry for asking so many clarifying questions, but it's still unclear. There was a question on the previous page: "I am planning to buy a house here, but I need to bring my money from Turkey(around £50000). Some of this money is my savings, some part is my share from a land that my family sold some time ago(tax paid in Turkey). I am planning to transfer this money to my UK bank account via Swift. I am wondering if I need to pay any income tax because of this transaction?" With the following answer from HMRC Admin: "I can confirm that the movement of money from an overseas bank account to a UK bank account is a non-taxable transaction." As far as I understood, this type of income hasn't been remitted/declared to the UK. Why is such a transfer (as an example of foreign income/savings/gains) not taxed if it was not declared in the UK? Best regards, Roman
  • RE: Money transfer

    Hello, Thank you for your reply. Does this mean that savings transferred to the UK after becoming a UK tax resident, but which were earned abroad before that moment are not taxed in the UK? I suppose if the tax authorities have doubts - is the transfer of money savings OR foreign income, then this is proved by the origin of earnings, depending on the date, they either can be taxed or not taxed in the UK? Thank you, Roman
  • RE: Money transfer

    Hello HMRC team, Above, you wrote that money movement from an overseas bank account to a UK bank account is a non-taxable transaction. However, it is mentioned on gov.uk that you may need to pay UK Income Tax on your foreign income, such as: - wages if you work abroad - foreign investment income, for example, dividends and savings interest - rental income on overseas property Could you please clarify, if possible, which transfers will be taxed and which will not? How to understand the distinction between the transfer of savings and income? Thank you, Roman
  • RE: Money transfer

    Hi HMRC Admin 19, Thanks for your answer and clarification. If the transfer of my personal savings from another country was made in the year when I was not a UK tax resident, is it subject to the declaration as foreign income? Thank you, Roman
  • RE: Money transfer

    Dear HMRC team, Can you please advise if transfers of my personal savings from another country to my wife in the UK will be taxed and require additional declaration? We will both become UK tax residents in the next financial year. All these funds are interest-free in the UK. Thank you,