Returning to the UK tax implications
Jun 10th 2022, 6:35 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Feb 2007
Location: Land of no recession
Posts: 10,718
Returning to the UK tax implications
Good evening all, does anyone know if there are any tax implications on someone who is returning to the UK with the proceeds of selling their overseas property after almost a lifetime abroad?
Jun 10th 2022, 10:10 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Returning to the UK tax implications
So they have already sold their home and the proceeds are sitting in a bank account? ..... There is no tax consequence of holding the funds and returning to the UK, and there is no tax conseqence of transfering the proceeds to a bank the UK, whether or not the person travels to the UK.
Selling a home/ property outside the UK when the owner is also tax-resident outside the UK has no tax consequences in the UK.
Transfering money into the UK from a bank outside the UK very rarely* has tax consequences in the UK irrespective of whether you are tax-resident in the UK or not tax-resident in the UK.
* Under some circumstances a non-tax-resident can get taxed on some income types if it is transferred into the UK.
Selling a home/ property outside the UK when the owner is also tax-resident outside the UK has no tax consequences in the UK.
Transfering money into the UK from a bank outside the UK very rarely* has tax consequences in the UK irrespective of whether you are tax-resident in the UK or not tax-resident in the UK.
* Under some circumstances a non-tax-resident can get taxed on some income types if it is transferred into the UK.
Last edited by Pulaski; Jun 10th 2022 at 10:18 pm.
Jun 11th 2022, 6:32 pm
#5
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
Re: Returning to the UK tax implications
When returning the proceeds to the UK you will probably be asked where the money comes from and may be asked to prove it so just be ready for that. This is for money laundering checks only.
