TAX

Old Nov 15th 2016, 9:20 pm
  #1  
Just Joined
Thread Starter
 
Joined: Sep 2016
Posts: 24
spideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nice
Default TAX

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
spideyo is offline  
Old Nov 16th 2016, 3:16 am
  #2  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 2,346
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: TAX

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

There’s usually no Inheritance Tax to pay on small gifts you make out of your normal income, eg Christmas or birthday presents. These are known as ‘exempted gifts’.

There’s also no Inheritance Tax to pay on gifts between spouses or civil partners. You can give them as much as you like during your lifetime - as long as they live in the UK permanently.

Other gifts count towards the value of your estate. There may be Inheritance Tax to pay if you’ve given away more than £325,000, but only if you die within 7 years.
durham_lad is offline  
Old Nov 17th 2016, 5:11 pm
  #3  
Just Joined
Thread Starter
 
Joined: Sep 2016
Posts: 24
spideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nice
Default Re: TAX

yeah read it but still a little unclear on it
spideyo is offline  
Old Nov 17th 2016, 6:56 pm
  #4  
Was in Canada, now home.
 
Editha's Avatar
 
Joined: Aug 2011
Location: Devon
Posts: 3,388
Editha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond repute
Default Re: TAX

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.
Editha is offline  
Old Nov 18th 2016, 6:05 am
  #5  
Just Joined
Thread Starter
 
Joined: Sep 2016
Posts: 24
spideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nicespideyo is just really nice
Default Re: TAX

cheers for that
spideyo is offline  
Old Nov 18th 2016, 12:15 pm
  #6  
BE Forum Addict
 
cyrian's Avatar
 
Joined: Apr 2009
Location: Scotland & Touraine [37]
Posts: 2,456
cyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond reputecyrian has a reputation beyond repute
Default Re: TAX

Loans are not counted as gifts.
cyrian is online now  
Old Nov 18th 2016, 1:26 pm
  #7  
Lost in BE Cyberspace
 
Joined: Aug 2013
Posts: 6,564
not2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond repute
Default Re: TAX

Originally Posted by spideyo View Post
Hi there was wondering if anybody could help with my little problem I am wanting to transfer a lot of money to the UK.
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


.

.

Last edited by not2old; Nov 18th 2016 at 1:36 pm.
not2old is offline  
Old Nov 18th 2016, 9:55 pm
  #8  
Was in Canada, now home.
 
Editha's Avatar
 
Joined: Aug 2011
Location: Devon
Posts: 3,388
Editha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond repute
Default Re: TAX

Originally Posted by cyrian View Post
Loans are not counted as gifts.
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.
Editha is offline  
Old Nov 19th 2016, 2:21 am
  #9  
Lost in BE Cyberspace
 
Bermudashorts's Avatar
 
Joined: Feb 2009
Location: UK
Posts: 14,284
Bermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond reputeBermudashorts has a reputation beyond repute
Default Re: TAX

Originally Posted by spideyo View Post
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
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.
Bermudashorts is offline  
Old Nov 19th 2016, 11:15 am
  #10  
Was in Canada, now home.
 
Editha's Avatar
 
Joined: Aug 2011
Location: Devon
Posts: 3,388
Editha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond reputeEditha has a reputation beyond repute
Default Re: TAX

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.
Editha is offline  
Old Nov 19th 2016, 11:54 am
  #11  
Lost in BE Cyberspace
 
Joined: Aug 2013
Posts: 6,564
not2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond repute
Default Re: TAX

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.
not2old is offline  
Old Nov 19th 2016, 2:27 pm
  #12  
BE Forum Addict
 
Perth's Avatar
 
Joined: Nov 2012
Location: Back in the UK!
Posts: 2,404
Perth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond repute
Default Re: TAX

Originally Posted by not2old View Post
(never tell the Bank that you want a foreign'offshore account for the reason that you live or will be living in the UK)
Why not? OH has spoken briefly with HSBC and may have mentioned moving back.
Perth is offline  
Old Nov 19th 2016, 5:43 pm
  #13  
Lost in BE Cyberspace
 
Joined: Aug 2013
Posts: 6,564
not2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond repute
Default Re: TAX

Originally Posted by Perth View Post
Why not? OH has spoken briefly with HSBC and may have mentioned moving back.


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?
not2old is offline  
Old Nov 20th 2016, 3:52 pm
  #14  
BE Forum Addict
 
Perth's Avatar
 
Joined: Nov 2012
Location: Back in the UK!
Posts: 2,404
Perth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond reputePerth has a reputation beyond repute
Default Re: TAX

Originally Posted by not2old View Post


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?
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.
Perth is offline  
Old Nov 20th 2016, 4:16 pm
  #15  
Lost in BE Cyberspace
 
Joined: Aug 2013
Posts: 6,564
not2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond reputenot2old has a reputation beyond repute
Default Re: TAX

Originally Posted by Perth View Post
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.
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

Originally Posted by spideyo View Post
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
Until the OP comes back on, we won't know anything further why they couldn't open an HSBC or an International account
not2old is offline  

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.