Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Tax paid on large sum of money transferred into UK

4 replies

mindutopia · 29/02/2020 21:06

I have a large sum of money (inheritance I got a long time ago) in a foreign bank account. I want to transfer it from my current account there to my current account here in the UK (I am a dual citizen). Would I have to pay any taxes or fees (other than fees to transfer or convert it to £).

I’ve left it all this time because I can’t quite get a straight answer and I been worried of being hit for massive taxes by HMRC.

OP posts:
Ellisandra · 01/03/2020 11:05

I don’t think MN is the best place for a straight answer!
For a start, we don’t know if you’ve already been taxed in the other country on the inheritance (if tax is even due) and whether that country has a reciprocal agreement with the UK to avoid dual taxation.

MarieG10 · 03/03/2020 17:33

I can't think of any tax you would pay on it as long as legitimately acquired. However, what you may be liable for is any capital gain or tax in interest if you are classed as British resident. Effectively if so you should have declared off shore accounts under self assessment

Ellisandra · 03/03/2020 17:56

There really isn’t enough information here.
If the inheritance came from someone living abroad, whose country of domicile is actually the UK, even if not currently living here - the estate could be liable for inheritance tax. That should have been paid before you received it.

Who hasn’t given you a straight answer? Have you spoken to HMRC?

ILikTheBred · 03/03/2020 18:32

You need a good tax accountant OP, one with experience in foreign repatriation of assets. If the amount is large it is worth spending some of it on proper advice - to do otherwise could be a costly mistake.

New posts on this thread. Refresh page
Swipe left for the next trending thread