Hello to everyone here at the Taxationweb forum.
It’s been a great pleasure to discover this website and find so much useful information. I hope I can one day contribute to these forums through my own experiences.
My question is about transferring funds from Italy to UK for repaying a mortgage over my flat here in London. I don't know if this is the right section of the forum, in case is not, I kindly ask to the moderators to move this discussion to the right section.
Here is the background:
- I am 36 years old, Italian born, my whole family is Italian and lives in Italy since ever. I am therefore a UK non-dom.
- I moved to London in 2007. Since then I work here in UK and pay tax here on the income from my job. I am therefore a UK tax resident.
- Last year I acquired a flat in London, with a combination of equity and loan. This where I currently live.
- I don't have any other income apart from the salary I receive here in UK from my employer.
Now, here is my question. My mother decided to donate me as a gift a flat she has in Italy. This flat has been acquired in the 80s from her. She decided to pass it on to me as a gift.
My intention is to sell this flat in Italy and transfer a portion of the proceeds from my Italian bank account to my bank account in London (approx. £500k) and thereafter repay my outstanding UK mortgage.
Now, despite I have been looking at tons of documents on the internet, is still unclear to me if I have to declare this here in UK and pay any sort of tax.
Thanks for reading and thanks in advance if you can help
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch