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  • Tax on Foreign Bank Transfer of Personal Assets

    Hello, As much as I am aware that transferring your own money between countries doesn't involve any UK tax I wanted to be sure that'd be the case in my situation due to the nature of the money. For context I am myself a UK resident for tax and this is my main place of residence, but I do hold a Polish passport. My parents are Polish and live and work exclusively in Poland. They plan on selling properties they are the sole owners of and after paying the relevant Polish tax they want to transfer some of that money to a Polish bank account I have as a parent-child gift. They will also inform the Polish tax authorities about such gift and pay the relevant tax related to it. Afterwards my personal monetary assets in Poland would have approx. £30k and according to the Polish tax law they wouldn't count as income or savings but simply assets that I now have due to a non-taxable gift from my parents. I want to confirm that if I would want to transfer that £30k to my British bank account I wouldn't have to pay any Income Tax or other Tax as it's a transfer of my own money from a foreign bank account of a country I am a citizen of and this money have been properly taxed and recorded in the foreign tax office of said country and is regarded by them as my personal monetary assets. Thank you for your help, Fabian Drake