Taking cash into the UK on retirement
#16
Just Joined
Joined: Dec 2017
Posts: 16
Re: Taking cash into the UK on retirement
Did you report the money on a tax form in anyway ?
if so on what form ?
or did you just wait until asked for documentation as to the origin of the funds at a latter date ?
Thanks Jimmyjazz2
#17
Re: Taking cash into the UK on retirement
In the two years I've been living in the UK on a spouse visa, my husband and I have moved the majority of our funds here from Australia. We've used those funds to purchase our own home and three buy-to-let properties. We use a FX broker for transfers, and declare the source of the funds at that time.
Regarding the property purchases, on each occasion we've only had to provide our solicitor with a written declaration of the source of our funds, which were proceeds from the sale of our property in Australia and savings from our salaries. No further documentation/evidence was required. Under money laundering regulations, solicitors must be confident of the legality of the source of funds - I don't know if different solicitors use different ways to do that.
We didn't have to report the funds in any way to HMRC when they were transferred into our UK bank accounts. Any interest/dividends etc that the funds have generated while we're UK tax residents need to be reported to HMRC on our annual tax returns, as these funds form part of our taxable income.
Last edited by spouse of scouse; Jan 12th 2018 at 7:15 am.
#18
Just Joined
Joined: Dec 2017
Posts: 16
Re: Taking cash into the UK on retirement
Just jumping in here in case it helps, I'm sure durham lad will reply also.
In the two years I've been living in the UK on a spouse visa, my husband and I have moved the majority of our funds here from Australia. We've used those funds to purchase our own home and three buy-to-let properties. We use a FX broker for transfers, and declare the source of the funds at that time.
Regarding the property purchases, on each occasion we've only had to provide our solicitor with a written declaration of the source of our funds, which were proceeds from the sale of our property in Australia and savings from our salaries. No further documentation/evidence was required.
We didn't have to report the funds in any way to HMRC when they were transferred into our UK bank accounts. Any interest/dividends etc that the funds have generated while we're UK tax residents need to be reported to HMRC on our annual tax returns, as these funds form part of our taxable income.
In the two years I've been living in the UK on a spouse visa, my husband and I have moved the majority of our funds here from Australia. We've used those funds to purchase our own home and three buy-to-let properties. We use a FX broker for transfers, and declare the source of the funds at that time.
Regarding the property purchases, on each occasion we've only had to provide our solicitor with a written declaration of the source of our funds, which were proceeds from the sale of our property in Australia and savings from our salaries. No further documentation/evidence was required.
We didn't have to report the funds in any way to HMRC when they were transferred into our UK bank accounts. Any interest/dividends etc that the funds have generated while we're UK tax residents need to be reported to HMRC on our annual tax returns, as these funds form part of our taxable income.
Thanks for that.
#20
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,098
Re: Taking cash into the UK on retirement
For the actual money appearing in our UK bank I provided the relevant statements from our brokerage and HSBC USA account showing the money coming in and being transferred to our HSBC UK account.
Last edited by durham_lad; Jan 12th 2018 at 10:36 am.
#21
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Joined: Dec 2017
Posts: 16
Re: Taking cash into the UK on retirement
No HMRC tax forms needed. When we came to buy our house we had to show our solicitor bank and brokerage statements to prove where the money had come from (from the sale of our house in the USA long before we moved to England).
For the actual money appearing in our UK bank I provided the relevant statements from our brokerage and HSBC USA account showing the money coming in and being transferred to our HSBC UK account.
For the actual money appearing in our UK bank I provided the relevant statements from our brokerage and HSBC USA account showing the money coming in and being transferred to our HSBC UK account.
Thank you for the reply.
that's great
#22
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Joined: Oct 2013
Location: Cheshire East
Posts: 588
Re: Taking cash into the UK on retirement
Ditto for me; when we bought our house, we transferred US$ to the UK solicitor's escrow account. We provided a copy of the settlement statement from the sale of our house.
We've been lazy and just used bank-to-bank transfers since. As the funds were coming from a major US bank, our bank here has never asked for any proof of origin. But we have had our UK account since the early 90s - just kept it during our 11 years in the US.
No reporting to HMRC whatsoever; it's not income.
We've been lazy and just used bank-to-bank transfers since. As the funds were coming from a major US bank, our bank here has never asked for any proof of origin. But we have had our UK account since the early 90s - just kept it during our 11 years in the US.
No reporting to HMRC whatsoever; it's not income.
#23
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Joined: Dec 2017
Posts: 16
Re: Taking cash into the UK on retirement
Hi Vadio
Thank you for that.
Thank you for that.
#24
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Joined: Oct 2013
Location: Cheshire East
Posts: 588
Re: Taking cash into the UK on retirement
I was self-employed during most of out time in the US. All my income was deposited into a business account, and could be easily matched to the income from the Schedule C attachment to our 1040. Similarly, deposits to the personal account were paychecks from my husband's job, and were backed up by his payslips. No one was interested in that level of detail on this side of the pond. I guess we didn't look sufficiently rich to be doing any super duper money laundering.
#25
Just Joined
Joined: Dec 2017
Posts: 16
Re: Taking cash into the UK on retirement
yes, i got all, payslips, bank statements, passport visa stamps,
should be fine if asked.
should be fine if asked.