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HMRC Admin 17 Response

HMRC Admin 17 Response

Joined: 1/20/2021

  • RE: Money transfer

    Mon, 02 Aug 2021 13:39:23 GMT – Money transfer

    Hi,
     
    There will be no income tax due on income from the account on transfer but if the income generates any interest then this would be subject to tax.

    You will still need to check with the relevant banks for any fees they may charge. 

    Thank you.

  • RE: Money transfer

    Tue, 22 Jun 2021 13:49:10 GMT – Money transfer

    Hi
     
    Chee Yeong,
     
    As a UK resident if the shares, property etc are in your name  you will report the disposals for capital gains tax.  

      If the assets are in your brothers name then this would be the estate that may be liable to tax, if this is the case you can check with the tax authorities in Malaysia. 

    Thank you.

     

  • RE: Money transfer

    Tue, 22 Jun 2021 10:34:59 GMT – Money transfer

    Hi
     
    Steve Johnson,
     
    You do not need to pay any income tax on transfer of capital.

    However if you receive any interest or dividends from this then you would need to report this for income tax purposes.

    You may wish to speak to your bank regarding or customs regarding any limits as to how much can be transferred.

    Thank you.

     

  • RE: Money transfer

    Tue, 22 Jun 2021 07:32:55 GMT – Money transfer

    Hi,
     
    If this is an account for shares then you may have to pay tax on any gains you make when you sell the shares but this would be reported by yourself.

    HMRC would not block your account until tax is paid.

    If you believe this to be a scam then you can forward the information to ourselves here :

    Avoid and report internet scams and phishing. 

    Thank you.

  • RE: UK Tax on Australian Superannuation

    Mon, 14 Jun 2021 11:11:05 GMT – UK Tax on Australian Superannuation

    Hi
     
    Simon Kerry,
     
    You will report your overseas pension on the foreign section of your Self Assessment tax return.

    Thank you.

     


     

  • RE: UK Tax on Australian Superannuation

    Mon, 14 Jun 2021 10:09:24 GMT – UK Tax on Australian Superannuation

    Hi,
     
    If you are deemed domiciled in the UK you will need to report your worldwide income to the UK. 

    See link below:

    Tax on foreign income .

    Thank you.

  • RE: Money transfer

    Wed, 02 Jun 2021 11:15:59 GMT – Money transfer

    Hi
     

    Rafa123 Rafat,
     
    There is no limit, however you may wish to check with your bank regarding any fees that may be incurred.

    Thank you.

  • RE: Money transfer

    Mon, 24 May 2021 11:31:10 GMT – Money transfer

    Hi
     
    Lisa Sorenti,
     
    You do not need to pay any tax on this unless the account you have put this in generates interest.

    In this case, the interest may be subject to tax dependant on the amount. 

    Thank you.

     

  • RE: Money transfer

    Mon, 24 May 2021 11:02:36 GMT – Money transfer

    Hi
     
    Antonio Corbacho Martin,
     
    There are no personal tax implications on the transfer or money from a Spanish bank account to a UK bank account.

    However if this money generates interest then this would be subject to income tax, dependant on the amount. 

    Thank you.

     

  • RE: Money transfer

    Tue, 11 May 2021 10:54:08 GMT – Money transfer

    Hi,
     
    No there will be no income tax due on this money. 

    Thank you.