Taking cash into the UK on retirement
#1
Just Joined
Thread Starter
Joined: Jan 2018
Posts: 5
Taking cash into the UK on retirement
I live in Hong Kong and own my own property here. If I were to sell it and take the cash back into the UK, and then later buy a UK property, can anyone advise what the tax implications are? Tks
#2
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
Re: Taking cash into the UK on retirement
I don’t think there would be any UK tax implications. This is exactly what we did moving back from the USA along with other financial moves that were taxed lower in the USA than they would have been in the UK.
#3
BE Enthusiast
Joined: Oct 2013
Location: Cheshire East
Posts: 588
Re: Taking cash into the UK on retirement
No tax implications. Did that when we moved from the USA.
#4
Re: Taking cash into the UK on retirement
Agree with the above. The only tax implications are any bank interest/dividends the funds earn in the UK will form part of your taxable income.
#5
BE Forum Addict
Joined: Sep 2014
Posts: 1,114
Re: Taking cash into the UK on retirement
You can open an UK bank account at the HSBC in Hong Kong. Please see link below for details -
https://www.hsbc.com.hk/personal/hsb...s-account.html
If you are going to bring in a large amount of cash into the UK, you may need to declare it to customs.
https://www.gov.uk/bringing-cash-into-uk
#6
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
Re: Taking cash into the UK on retirement
First of all, it is not very likely that an UK solicitor will accept cash as a method of payment for an UK property. There are money laundering regulations in place in the UK.
You can open an UK bank account at the HSBC in Hong Kong. Please see link below for details -
https://www.hsbc.com.hk/personal/hsb...s-account.html
If you are going to bring in a large amount of cash into the UK, you may need to declare it to customs.
https://www.gov.uk/bringing-cash-into-uk
You can open an UK bank account at the HSBC in Hong Kong. Please see link below for details -
https://www.hsbc.com.hk/personal/hsb...s-account.html
If you are going to bring in a large amount of cash into the UK, you may need to declare it to customs.
https://www.gov.uk/bringing-cash-into-uk
By cash I mean a bank transfer not a briefcase full of money and I assumed the OP was not talking about actual paper money.
#8
BE Forum Addict
Joined: Sep 2014
Posts: 1,114
Re: Taking cash into the UK on retirement
First of all, Chinese investors can't easily get loans. They also usually have massive amounts of cash that they need something do to with.
Also cash is anonymous. So is US real estate.
Unlike Mainland Chinese or Hong Kong real estate, in which you have to list the name of the ultimate owner, and unlike stocks and bonds where the brokers have to report cash transactions, there is no requirement that US real estate brokers report large cash transactions.
So US real estate is the investment of choice for rich corrupt officials. China being China, once something becomes a status symbol among rich corrupt officials, then it becomes popular for people that aren't rich corrupt officials.
https://www.quora.com/Why-do-rich-Ch...today-Jul-2014
#9
Re: Taking cash into the UK on retirement
Me too. I sold my apartment in the US and transferred the money to the UK and brought my house with cash. I just had to provide the documentation that proved my sale in the US and transfer of the money from the US to the UK.
When they say cash they actually mean no mortgage.
#10
BE Forum Addict
Joined: Sep 2014
Posts: 1,114
Re: Taking cash into the UK on retirement
Me too. I sold my apartment in the US and transferred the money to the UK and brought my house with cash. I just had to provide the documentation that proved my sale in the US and transfer of the money from the US to the UK.
When they say cash they actually mean no mortgage.
When they say cash they actually mean no mortgage.
#11
Re: Taking cash into the UK on retirement
Some do -
First of all, Chinese investors can't easily get loans. They also usually have massive amounts of cash that they need something do to with.
Also cash is anonymous. So is US real estate.
Unlike Mainland Chinese or Hong Kong real estate, in which you have to list the name of the ultimate owner, and unlike stocks and bonds where the brokers have to report cash transactions, there is no requirement that US real estate brokers report large cash transactions.
So US real estate is the investment of choice for rich corrupt officials. China being China, once something becomes a status symbol among rich corrupt officials, then it becomes popular for people that aren't rich corrupt officials.
https://www.quora.com/Why-do-rich-Ch...today-Jul-2014
First of all, Chinese investors can't easily get loans. They also usually have massive amounts of cash that they need something do to with.
Also cash is anonymous. So is US real estate.
Unlike Mainland Chinese or Hong Kong real estate, in which you have to list the name of the ultimate owner, and unlike stocks and bonds where the brokers have to report cash transactions, there is no requirement that US real estate brokers report large cash transactions.
So US real estate is the investment of choice for rich corrupt officials. China being China, once something becomes a status symbol among rich corrupt officials, then it becomes popular for people that aren't rich corrupt officials.
https://www.quora.com/Why-do-rich-Ch...today-Jul-2014
No solicitor in the UK would accept actual cash for a purchase, nor would any bank accept a huge deposit of cash, without a comprehensive documented history re where the cash came from and how it was earned. Something that would be impossible to provide if the funds weren't declared when brought into the country.
Money laundering is big business. No solicitor or bank wants to fall foul of the legislation that governs this.
#12
Re: Taking cash into the UK on retirement
I doubt that would work in the UK, even in the unlikely event that a huge amount of undeclared cash wasn't detected by airport scanners/security at both HK and UK air/sea ports. Declaring it would bring its own set of issues regarding source of the funds and the legality of removing it from HK.
Biggest I saw was $20 million in cash going from Washington DC to Moscow via LHR. It was packed into 4 crates of $5 million each. 4 crates were unloaded at T4 from the BA flight from Washington, and put on a truck to be driven airside to T2 to the Aeroflot flight to Moscow. Only 3 crates reached T2.
#13
Re: Taking cash into the UK on retirement
You might be surprised at the amount of cash that goes through Heathrow. When I worked there a million pound in cash was not unusual.
Biggest I saw was $20 million in cash going from Washington DC to Moscow via LHR. It was packed into 4 crates of $5 million each. 4 crates were unloaded at T4 from the BA flight from Washington, and put on a truck to be driven airside to T2 to the Aeroflot flight to Moscow. Only 3 crates reached T2.
Biggest I saw was $20 million in cash going from Washington DC to Moscow via LHR. It was packed into 4 crates of $5 million each. 4 crates were unloaded at T4 from the BA flight from Washington, and put on a truck to be driven airside to T2 to the Aeroflot flight to Moscow. Only 3 crates reached T2.
#15
BE Enthusiast
Joined: Oct 2013
Location: Cheshire East
Posts: 588
Re: Taking cash into the UK on retirement
You might be surprised at the amount of cash that goes through Heathrow. When I worked there a million pound in cash was not unusual.
Biggest I saw was $20 million in cash going from Washington DC to Moscow via LHR. It was packed into 4 crates of $5 million each. 4 crates were unloaded at T4 from the BA flight from Washington, and put on a truck to be driven airside to T2 to the Aeroflot flight to Moscow. Only 3 crates reached T2.
Biggest I saw was $20 million in cash going from Washington DC to Moscow via LHR. It was packed into 4 crates of $5 million each. 4 crates were unloaded at T4 from the BA flight from Washington, and put on a truck to be driven airside to T2 to the Aeroflot flight to Moscow. Only 3 crates reached T2.