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Transfer money to the uk

Transfer money to the uk

Old Mar 25th 2019, 6:06 pm
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Default Transfer money to the uk

Is the bank only place to send the money? Do they give a good rate?
Do I have to pay UK tax on the money transfered?

Last edited by kimjhuk; Mar 25th 2019 at 6:46 pm.
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Old Mar 26th 2019, 8:31 am
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Default Re: Transfer money to the uk

I use moneycorp. No you don't pay tax on transfers. You pay tax dependent on your resident status and earnings.
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Old Mar 26th 2019, 2:02 pm
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Default Re: Transfer money to the uk

It is possible you could be liable for tax on earnings remitted back to the UK but only if you haven't been out of the UK long enough to avoid being deemed "tax resident in the UK", and return to the UK before you become non-resident. …. That said, if you don't have and never achieve non-resident status, you will be liable for UK income tax even if you don't remit the money back to the UK.
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Old Mar 26th 2019, 3:30 pm
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Default Re: Transfer money to the uk

Your liability for UK tax is solely dependent on your resident status and the amount of tax you may have to pay if you do not meet the criteria is solely depependent on your earnings. There is no connection between tax liability and remittance back to UK. In 45 years of working overseas and remitting earnings and savings back to the UK I have never been questioned on the source of the funds. Nowadays it is a simple internet transaction, but I do remember back to the early 80s when I was remitting earnings from Canada through telex transfers, I had to meet with my local bank managerwho got very excited at being involved in international finance.
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Old Mar 26th 2019, 3:36 pm
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Default Re: Transfer money to the uk

Originally Posted by gottheTshirt View Post
Your liability for UK tax is solely dependent on your resident status and the amount of tax you may have to pay if you do not meet the criteria is solely depependent on your earnings. There is no connection between tax liability and remittance back to UK. In 45 years of working overseas and remitting earnings and savings back to the UK I have never been questioned on the source of the funds. ....
There are some people under certain specific circumstances that are taxed (only) on funds remitted to the UK, not on their global income. …. I can't remember the exact details now, but I think it is to do with non-residents (for tax purposes) who move/return to the UK but haven't yet become tax resident in the UK.
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