Deyah
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RE: Transferring personal money to UK
Hello Admins, and thank you for the valuable information on this forum. I would like to state my case and related questions: I am non-UK and non-EU national, and had never been as a resident there. I recently acquired a Skilled Worker Visa (5Y) and shall be moving to UK/Britain (first time) in Sep'24. My questions relate to both tax and customs: 1) Since I am moving with my wife/son as dependents, I will be shipping some used personal items (clothes and toys mostly, plus a TV and a PC). I understand there is an "Application for transfer of residence relief (ToR1)" which I could use so that I can get a relief/waiver from paying custom duty for these items. However, my question would be: whether if the shipping company/agent can apply for this on my behalf (as it will be door-to-door) delivery ? and would shipping these to an address not in my name (but to a friend for the time being, as I don't have one now) would nullify this relief ? 2) As most stated here, I do have savings from my salary outside UK and whatever taxes/dues applicable have been done in my current residence country (expat here). I understand from all posts/replies above that transferring such amount will not be income taxable in UK, but rather only the interest/gains of such amount in UK bank later would be taxable. Please reconfirm. My question here would be: is there a time limit for me to transfer these funds after I arrive in UK ? Can I do that after few years for instance ? Reason is that there may be some time before all my dues are paid to me in my current residence country (end of service, loan, etc). 3) The same above question applies for any property I have acquired abroad (before I moved to UK). If I would sell such property in let's say 6 years (if and once I get ILR) and want to use that amount to buy a home in UK, would that be taxable ? As long as I can prove I have that property from before ?