Tax implications for moving money back
Feb 29th 2012, 12:37 am
#16
Forum Regular
Joined: Dec 2010
Location: DC
Posts: 70
Re: Tax implications for moving money back
That's what worries me, too - considering the number of big banks that have gone under in the past few years (what's that saying - "Too big to fail"?). Doesn't matter how many successful transfers have been made in the past, I worry it would be just my luck that they go bust just when they've got control of my cash.
Feb 29th 2012, 5:59 am
#17
BE Forum Addict
Joined: Aug 2007
Posts: 1,782
Re: Tax implications for moving money back
While the risk exists, I think it's one of those risks that needs to be placed in perspective. Ultimately, the ~2%+ saving over a bank rate is easily worth the unquantifiable, but very small, risk, of a mid-transfer collapse IMHO. One can always make several smaller, independent, transfers to minimize risk. Companies like Oanda and Xe have been in business through good times and bad (but the risk is obviously there).
Feb 29th 2012, 12:03 pm
#19
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Tax implications for moving money back
There's no tax on the actual transfer, but tax residency status and the type of account that the money is coming from will determine the tax due on any gains/losses that you take.
If HMRC taxes you on your worldwide income there may be tax due on capital gains or currency gains that you get when you sell or transfer your assets.
Of course you will show these on your self assessment SA100 and SA106
If HMRC taxes you on your worldwide income there may be tax due on capital gains or currency gains that you get when you sell or transfer your assets.
Of course you will show these on your self assessment SA100 and SA106
Last edited by nun; Feb 29th 2012 at 12:05 pm.
