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Thread: Transferring a large sum of money into the UK?

  1. #1
    Raging Bull DeludedGuy's Avatar
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    Transferring a large sum of money into the UK?

    I have a relative who is selling her house in Spain and is planning to transfer the money over and purchase a house here in the UK, it should be about 130,000 Euros, so there are a couple of questions...

    1. Does she need to pay any tax on this when she brings it over?
    2. Where should she exchange it to get the best rate?
    3. What’s the safest way to bring it over?


    Any guidance would be much appreciated.

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    Formerly known as Andehh Andeh13's Avatar
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    Re: Transferring a large sum of money into the UK?

    From my totallt unedcuated stand point, from a few quick links from google within the Eu your fine, no tax to pay. But then again i have no experience/knowlwdge of this subject and only ran into a few links.

    http://www.direct.gov.uk/en/MoneyTax...UK/DG_10026463

    The different types of duty or tax

    When bringing goods from another country the following duties and taxes may apply:

    * Customs Duty (paid when goods cross international borders, but doesn't apply where they move within a customs union like the European Union)
    * Excise Duty (payable on certain goods such as tobacco and alcohol)
    * VAT (Value Added Tax)

    http://ukinusa.fco.gov.uk/en/faqs/mo...ge/bring-money

    How much money can I bring into the UK?

    If you are an EU citizen and travelling from within the EU you can bring in and take out bank notes, travellers' cheques, letters of credit etc. in any currency and up to any amount.

    Please note that from 15 June 2007, if you are travelling to or from a country outside the European Union (EU), you will need to declare any sums of cash of 10,000 Euro or more (or the equivalent in another currency) to HM Revenue & Customs (HMRC).


    http://www.currencyindex.co.uk/advic...to-the-uk.aspx
    Phone number there to double check though^

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    Mostly Me Lucio's Avatar
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    Re: Transferring a large sum of money into the UK?

    I'd suggest getting her to talk to her bank, basically for that sum of money you can't move cash and are best off doing it via an account transfer. Chances are they'll be a few forms to sort out, due to money laundering laws and they'll be fees to pay as well.

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    Pork & Beans Powerup Phage's Avatar
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    Re: Transferring a large sum of money into the UK?

    There may be a Capital gains tax to be paid in Spain.
    http://www.propertyinspain.net/guide...rty_taxes.aspx
    Society's to blame,
    Or possibly Atari.

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    Re: Transferring a large sum of money into the UK?

    Get her solicitor who is doing the deed/sale for her to do it.

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    Seething Cauldron of Hatred TheAnimus's Avatar
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    Re: Transferring a large sum of money into the UK?

    don't forget to watch the currency.

    you can have a UK account that is denominated in Euros (or USD if you wished perhaps).

    That way you can transfer it in to the country, and then negociate a good deal to convert it to stearling.
    throw new ArgumentException (String, String, Exception)

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    Does he need a reason? Funkstar's Avatar
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    Re: Transferring a large sum of money into the UK?

    Quote Originally Posted by TheAnimus View Post
    don't forget to watch the currency.

    you can have a UK account that is denominated in Euros (or USD if you wished perhaps).

    That way you can transfer it in to the country, and then negociate a good deal to convert it to stearling.
    This is a good idea. My parents have scored with their USD account over the past year because of this.

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    Banhammer in peace PeterB kalniel's Avatar
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    Re: Transferring a large sum of money into the UK?

    Quote Originally Posted by DeludedGuy View Post
    1. What’s the safest way to bring it over?

    Hello,
    How are you today? I hope your are fine, I saw your ads online that you need to transfer the money over and purchase a house here in the UK, I am Mr Bobby Grey, I am a world businessman which have made a lot in life and I am giving back to people by transfering for different people, I am an american and I have just started a charity organisation called Bobby Grey Foundation it is based London UK but we are operating in Africa where I help people who are poor but when a friend now told me that there are some people in USA and UK who need help too, I now decide to contact you by myself, if you are truely in need of what you said can you please fill the following form and let me know the amount you need transfer and how I can send a cashier check to you. I will kindly transfer for you as you need. please fill the form bellow:
    Your Full Name:
    Your Adress:
    City:
    Zip Code:
    State:
    Tel:
    Email Address:
    Please try to be sincere, if you are given this help, I will like you to use the fund judiciously as you said so that we can be sure that we have save someone from a problem, I will like to tell you that you should tell some other people that you know are in need of support to contact our email address for help that is not much than $500 per person and if you too can support our foundation so that we can continue the work, your donations is wellcome too, people are really in need of help globally. Please do have a nice day.

    Regards.

    Bobby Grey Foundation.
    300 London Road
    Waterlooville
    Porthsmouth PO7 7SR
    England.


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    Re: Transferring a large sum of money into the UK?

    Brilliant.
    Society's to blame,
    Or possibly Atari.

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    Re: Transferring a large sum of money into the UK?

    1. the safest way: TT - Telegraphic Transfer
    Open an account in the UK, and you will get IBAN and SWIFTBIC. Then you can transfer your money into this account from all over the world. Of course, they will charge you 5 to 25 pounds each side.

    2. No tax, but you need explain how you earned this huge sum of money and paid the income tax.

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    Re: Transferring a large sum of money into the UK?

    Has she got a Spanish bank account? Just pay it into that, then draw on it from the UK.

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    Re: Transferring a large sum of money into the UK?

    There is not enough information in the opening post to say whether there will be any tax payable, but as far as I'm aware, there shouldn't be ANY tax payable just because you/(she) transferred the money. That isn't the same as saying there'll be none paid/payable on the proceeds of the house sale.

    First, where is your relative domiciled for tax purposes? If she's UK-resident for tax purposes, then what was the purpose of the property in Spain? Holiday home, investment? She might be liable for income tax on any income generated, i.e. rents, but not on the sale of the house because the proceeds of the sales of the house aren't income.

    On the other hand, the proceeds of the house sale may well result in a capital gain, and if so, there may be a capital gains tax liability. But whether there is or not will depend on :-

    - what she paid when she bought the property, and
    - the sale price she received, because it's the gain that is assessed for CGT, not the sale proceeds.
    - any costs incurred that are offsetable against the asset, so capital costs such as improvements, and/or non-interest elements of any mortgage over the period.
    - any relevance allowances to be added before CGT.

    But, if she's liable for UK tax on the basis of foreign investment income or capital gain, she's likely to be liable whether she brings the money into the UK or not.

    Similarly, if she's Spanish-domiciled for tax purposes, she's presumably be liable for whatever the Spanish equivalents are, regardless of getting the money out of the country.

    So, as far as I'm aware (and my Chartered Accountancy days are well in my dim and distant past), merely bringing the money in won't incur any tax liability, but there may be UK or Spanish tax liabilities resulting from the house sale, and/or anything that was done with it prior to sale.

    As for the safest method of bringing it in, well, direct bank-to-bank transfer, I'd have thought. I've certainly never had any problems doing that, those it's usually between the UK and US, and never with Spain.

    It is also certainly the case that a sum of that size will trigger money laundering provisions, but I can't see that as a problem. It's hardly a huge sum and it's hardly unusual for banks to be transferring it between countries. I've never had to provide any explanation of transferring similar sums, though of course, a comprehensive and genuine explanation was available if needed, and in this case, the explanation is obvious and provable ..... . moving countries and it's the proceeds from a property sale. If the authorities bother to verify that, which i doubt, the sale of the property is easy to verify, as is the amounts of the proceeds.

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    Exclamation Re: Transferring a large sum of money into the UK?

    i have an offer from africa to help transferr £4.5 million to the u.k can u tell me the laws that might inclue this operation eg age, type of account

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    The late but legendary peterb - Onward and Upward peterb's Avatar
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    Re: Transferring a large sum of money into the UK?

    Quote Originally Posted by teamx9 View Post
    i have an offer from africa to help transferr £4.5 million to the u.k can u tell me the laws that might inclue this operation eg age, type of account
    You need to contact a UK bank to determine the best way. This is a specialised subject and one that is not really appropriate for a forum such as Hexus.

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