Transferring Savings to the UK
#1
Just Joined
Thread Starter
Joined: Aug 2016
Posts: 14
Transferring Savings to the UK
Hi,
I have done a search but cannot seem to find an answer.
My husband and I will be moving back to the UK late 2017 early 2018 and we have been told that we should open a UK bank account and transfer our savings before we move to the UK, others have stated that we should transfer it after we get back to the UK.
This by all accounts we have been told, that moving it before we get back we will not have to pay tax on it, after we get back into the UK we will have to pay tax.
Also some say either way we do not have to pay tax.
Anyone know which is the correct answer please.
I have done a search but cannot seem to find an answer.
My husband and I will be moving back to the UK late 2017 early 2018 and we have been told that we should open a UK bank account and transfer our savings before we move to the UK, others have stated that we should transfer it after we get back to the UK.
This by all accounts we have been told, that moving it before we get back we will not have to pay tax on it, after we get back into the UK we will have to pay tax.
Also some say either way we do not have to pay tax.
Anyone know which is the correct answer please.
#2
Re: Transferring Savings to the UK
As far as I know, you do not have to pay tax on savings either way. We transferred ours just before moving back. You do of course pay tax on any interest accrued on those savings when you submit tax returns at the end of the tax year.
#3
Re: Transferring Savings to the UK
You are not taxed on capital.
However, you may have to show the source of the money as banks have to ensure that you are not laundering money.
You should speak to the receiving bank to find out what their requirements are.
Interest rates in the UK are virtually zero anyway at this time so you have no worries about tax.
#5
Just Joined
Thread Starter
Joined: Aug 2016
Posts: 14
Re: Transferring Savings to the UK
+1
You are not taxed on capital.
However, you may have to show the source of the money as banks have to ensure that you are not laundering money.
You should speak to the receiving bank to find out what their requirements are.
Interest rates in the UK are virtually zero anyway at this time so you have no worries about tax.
You are not taxed on capital.
However, you may have to show the source of the money as banks have to ensure that you are not laundering money.
You should speak to the receiving bank to find out what their requirements are.
Interest rates in the UK are virtually zero anyway at this time so you have no worries about tax.
#6
Re: Transferring Savings to the UK
When we transferred our savings I called our UK bank in advance to alert them and ask if they needed any letter or documentation. I thought the amount was substantial! But probably to them, it was not! They assured me nothing was needed and we did a bank to bank transfer with no problems.
#7
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: Transferring Savings to the UK
No tax is payable on capital transfers. Whether you do it before or after your move is irrelevant for tax purposes. It is not "income".
#8
Just Joined
Joined: Aug 2016
Posts: 13
Re: Transferring Savings to the UK
When we transferred our savings I called our UK bank in advance to alert them and ask if they needed any letter or documentation. I thought the amount was substantial! But probably to them, it was not! They assured me nothing was needed and we did a bank to bank transfer with no problems.