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Posted Sat, 28 Dec 2024 18:41:45 GMT by Kristin Roy
Evening, I’m an English national and my wife is Taiwanese. We are putting a deposit down on our first home here in the UK. Most of our money is our Taiwanese and Chinese bank accounts and we want to move this to our uk bank prior to paying the deposit. Question is; do we have to pay any kind of tax on the importation of funds? We already have to pay a transaction fee which we are aware of but not sure about tax on money moved from abroad… Thanks in advance :) x
Posted Wed, 08 Jan 2025 13:41:16 GMT by HMRC Admin 18 Response
Hi,
There is no limit to the amount of money you can transfer from an overseas bank account to a UK bank account. 
If any of the money transferred is from income or capital gains arising in the tax year it is transferred, then that income and capital gains is taxable and should be reported on a Self Assessment tax return.   
If the money transferred is purely from savings, it is classed as capital and is not taxable. 
Thank you.
 

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