spideyo

Hi there was wondering if anybody could help with my little problem I am wanting to transfer a lot of money to the UK. I don't have an account in the UK and have had a hell of a time trying to get an international account so I was wondering if I could transfer all the money into a family members account. The problem will be if the UK tax man sees a large amount of money transferred to me from a family member will I get taxed even though its my money i.e if I can show transfer bank statements will the taxman not tax me or the relative or is it not even worth going there. I am aware that they can gift me upto 6 grand buts its a lot more than that. Any help would be great

durham_lad

I think you can give almost as much money as you want as long as you don't die within 7 years.

https://www.gov.uk/inheritance-tax/gifts

spideyo

yeah read it but still a little unclear on it

Editha

There are no tax implications. If the large amount transferred does raise a query from HMRC, just tell them what you are doing and why. You are not making a gift and you are not doing anything illegal.

spideyo

cheers for that

cyrian

Loans are not counted as gifts.

not2old

If as you say its a "lot of money"

your post # 3 in the following thread


http://britishexpats.com/forum/austr.../#post12072171

While you are still in Australia, why not begin by opening an HSBC premier account in Australia?

https://www.hsbc.com.au/1/2/hsbcprem...-touch?req=new

or something like one of the following (never tell the Bank that you want a foreign'offshore account for the reason that you live or will be living in the UK)

http://international.lloydsbank.com/...ional-account/

If its a LLoyds account, then when you get to the UK, change it to a UK current account

Once an account is set up, either at the start or later, add kids or grandkids to the account


.

.

Editha

But the OP is not making a loan or a gift. He is giving the money to a relative to hold for him. That is a trust.

Bermudashorts

It isn't a gift or a loan and there are no tax implications for either you or the family member, other than they are liable for tax on the very small interest that it may accrue. I guess the only thing I would be wary of is what happens if the family member unfortunately expires. Then you have your large lump sum caught up in their estate and you won't be able to access it and you would have to hope the executor understands the situation.

Editha

I guess there also has to be a risk that the transaction will be flagged up as a potentially fraudulent money-laundering activity, creating problems for the relative. There have been numerous reports in the press of people having their bank accounts closed down because of activity which was misinterpreted as fraudulent, even though innocent and perfectly legal.

I think the OP's relative should inform his/her bank in advance and make sure the transactions will be cleared.

not2old

Maybe the OP could jump back into this discussion.

Maybe its me slow on the uptake or missing something in the OP, I just dont get it.

Couldn't it be as simple as the following what I posted below without any concern of gifting, tax, or taking or moving large sums to the UK if they belong to the OP?

a) is the OP still in Australia & planning at some point moving to the UK - if so, when?

b) is the source of the money presently in Australia or outside Australia?

c) If the OP is moving back to the UK they could on arrival open a UK account then instruct their Australia bank or use a FX company to move the funds over

-or-

d) if the OP is currently Australian resident they can open an HSBC account in Australia (see post #7 above), a 'premier international account' if they have savings & deposits over $200,000 Aus, or open a Lloyds international account then if & when they plan on being in the UK change it to a UK account.

Perth

Why not? OH has spoken briefly with HSBC and may have mentioned moving back.

not2old

wow, goes to show you can learn something new even on BE

Maybe the OP can weigh back in to tell us why they couldn't open an HSBC or offshore account?

Perth

I have seen many a post on BE where residents in both the US and Canada have managed to open UK accounts prior to returning through their HSBC premier accounts. And they have received debit and credit cards for those accounts to their current addresses. I welcome any information contrary to this.

not2old

I agree with you as many have gone that route

The OP from the previous posts I believe is in Australia.

From first post, posted

Until the OP comes back on, we won't know anything further why they couldn't open an HSBC or an International account