Transfer money to the uk
#1
Just Joined
Thread Starter
Joined: May 2017
Posts: 9
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?
Do I have to pay UK tax on the money transfered?
Last edited by kimjhuk; Mar 25th 2019 at 6:46 pm.
#2
BE Enthusiast
Joined: Jan 2010
Posts: 605
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.
#3
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.
#4
BE Enthusiast
Joined: Jan 2010
Posts: 605
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.
#5
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. ....