Lump sum arriving in bank a/c from overseas. Will the bank's security get tense??

[faraday]

We are expecting the proceeds of an overseas house sale to arrive in our UK bank account very soon (awaiting favourable exchange rate!). Are we likely to have our bank asking for proof of the source of the funds? Can we or should we attempt to explain it to them (via documentation) before the cash arrives or are they likely to be completely uninterested UNTIL suddenly it looks like we've just become the beneficiaries of an international money laundering ring?!

Then, as you may see in another post, we have to distribute that cash to other banks to stay under to 50K protection limit.

Well our bank checked with us both times we've had large amounts come into our account so I would ring and ask them to log it. They have a legal obligation to check up on anything that looks like money laundering but I think it's down to their individual discretion exactly how they do that.

I've had some large amounts (6 figs) come into my account from overseas. Just let it happen. The bank might call you to ask where the money came from but in my experience they will be very easily satisfied by your explanation. That is unless it happens a lot and comes from dodgy countries ...

As long as you can produce documents that prove where the money came from that should be OK.

You are allowed to receive money after all!

faraday or anyone, did you have any capital gains tax to pay in UK or overseas? we have property overseas which has doubled in price since we bought it over 10 years ago! would like to sell up at some point!

thanks!

i doubt they will say anthing to you but they do report large unusual transactions to HMRC.

We've been told we won't be liable for CGT but tbh, I don't know why not- something to do with the cash being the proceeds of the sale of a 'primary residence' even tho' we hadn't lived in it for 5 1/2 years! I understand we'd've been liable beyond 6 years but I haven't seen that written donw anywhere!