andyrich666

Hi, I have sold my UK home, contracts exchanged today however, I have a problem.

My only remaining UK Bank account is locked and will not be re-opened, this is with Natwest, and they say that I can deposit the funds into this account and then they will transfer the money for me but they are extremely hard to get hold of at the best of times, but they have yet to verify that they will transfer to a account not in my name.

I also have a sterling account with Sabadell, I could have the funds transferred there and will go and speak to the bank should I need tomorrow.

My concern is would a sale of your only UK home be a revenue for tax to pay if the transfer was to the Sabadell account.

I know people who have sold their house here and moved back to UK or Ireland without issue, but I can not find any person on this forum who has been in my position, I would assume most people have their UK accounts still.

I can not open one without being in the UK and at this moment until the property is sold I do not have the funds to travel back to the UK. I have only ten days to deal with this or the solicitor will just issue me with a cheque, which is even worse.

In other words I am asking if I can bank approx 100k sterling in a Spanish account without worrying if there will be any tax to pay on this

Otherwise I will have to think of another option.

I don't like leaving 10 euros in a Spanish account let alone a lot more.

Dxf

Hola

How about contact Blevins Franks for a short term investment - probably the best way to go as you will get tax advice also

Davexf

Pulaski

Tax is based on where you are, not where you money is. The flip side to your question is "can you avoid tax by keeping the money outside of Spain", and the answer is "no", you pay tax on your worldwide income.

I don't know if Spain will seek to tax any part of the proceeds of the sale of your home, but I do know that keeping the money in a British bank and/or in the UK won't eliminate any tax IF it is due.

Fred James

If you are tax resident in Spain when you sold the UK house you will be liable for Spanish CGT on the sale.

If you are tax resident, you should have declared the UK property on the Form 720 asset declaration - if you did not you could have big problems.

If you are not tax resident in Spain you should have no problems bringing the money in directly to a Spanish bank account.

andyrich666

I am not tax resident at this moment..thanks for your advice

Jon-Bxl

Have a look at p2p companies like zopa or ratesetter as a place to put your money at attractive rates. Though there is a risk - so far they pride themselves on not having lost clients money.

Peer to peer lending: boost savings returns? - MSE

You are liable to tax but depending on your situation you may net more than in a normal account

Jon

andyrich666

I think I may have mis explained, I have ideas for new business, what I originally meant was how do I extract this money without a UK Bank account because I do not really want it in euros, and I do not really want it transferred to my Sterling account here.

I am after views of where I can open a sterling account without being in the UK, I do have UK Proofs of address and Passport, I want to bank the funds in a sterling account basically.

I have to be here for the first 3 weeks of August, then I am free, in this time from now until then I worry should I chance going back to UK to open a account with limited funds, I take a chance of not returning for whatever reason, if I do not return the consequences for the rest of my life will be unthinkable.

It is like I have won the jackpot but the machine wont pay out.

---------------

But I appreciate the thoughts of others regarding investment.

Dxf

Hola

I wonder if you could open a Natwest account in Gibraltar - worth a phone call?

Davexf

MikeJ

If you used a solicitor for conveyancing then the funds will go via an escrow client account. you could get your solicitor to transfer this direct to any bank you wished, including Spanish ones.

andyrich666

I am considering this, I just tried to open a barclays account in London, they allow without being in the UK only problem I have is they want a utility bill and I only have online copies, and the post in Spain will probably be ten days before I can get a paper copy.

As far as I know Sabadell do not do bank statements, I shall go into branch and ask tomorrow but knowing my luck this will be by post also.

My Water bill is in the name of the company that I rent from, so out of order, and to change that is a cost associated, It is so bloody frustrating, but I appreciate all your help.

andyrich666

My solicitor will transfer it to Spain, that I do not want because I know will maybe regret it in the long run, esp say come October when I am thinking of moving to Scotland or Italy.

Pulaski

Lloyds Bank in the Isle of Man? They specialize in serving the "expat community". Accounts can be opened remotely, and as far as checks and credit cards go, the account can be used in the UK just like any other High street bank.

andyrich666

I am exhausted from online applications,I am going to Phone Lloyds, on paper it looks good. I will let you know. I am sure the same issues RE utility bills.

It is normal but not in Spain, they do not understand, I emailed my electric company for a bill, seems like too much hard work for them to produce it,saying it will take too long, I said, time is not relevant anymore.

Grrrr.

-------

Update...Barclays accept landline telephone bill.

missile

I guess you should have opened an account before leaving UK.

You might want to consider opening international accounts e.g. with Lloyds, one is Sterling and one in Euros. I did that over the phone and found them to be very helpful. https://international.lloydsbank.com/

andyrich666

I opened an account with virgin Money and llloyds Tsb, TSB accept certifed copies but my accound has been approved so I might just fly in and out same day to visit branch and deal with it , for both I went online, took three minutes and I have a sort code and account number, they will probably need to verify my ID but I have the account, with this account maybe I can open a current account, so if anyone else have issues, try that.