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Transferring Savings to the UK

Transferring Savings to the UK

Old Aug 19th 2016, 7:28 am
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Default 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.
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Old Aug 19th 2016, 8:17 am
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Default 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.
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Old Aug 20th 2016, 7:36 am
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Default Re: Transferring Savings to the UK

Originally Posted by michali
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.
+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.
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Old Aug 20th 2016, 8:57 am
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Default Re: Transferring Savings to the UK

Originally Posted by michali
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.
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Old Aug 20th 2016, 9:01 am
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Default Re: Transferring Savings to the UK

Originally Posted by cyrian
+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.
Thank you for your reply Cyrian, we will be using our offshore banks to open our bank accounts in the UK, so hopefully will not have any problems.
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Old Aug 20th 2016, 5:13 pm
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Default 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.
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Old Aug 20th 2016, 6:27 pm
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Default 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".
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Old Aug 22nd 2016, 11:40 pm
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Default Re: Transferring Savings to the UK

Originally Posted by michali
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.
May I ask which banks were involved in this? My parents are trying to figure out the best way to transfer money between Chase in America and First Trust in Northern Ireland. Also, again if you're willing to share, how were the fees involved? Not specific numbers, but they weren't too bad, right? Thanks in advance.
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