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Where Taxpayers and Advisers Meet

Transferring funds form own account in France

kamoe
Posts:6
Joined:Wed May 17, 2017 10:26 am
Transferring funds form own account in France

Postby kamoe » Wed May 17, 2017 1:33 pm

Hi everyone

I have seen versions of this question with versions of different answers, and I wanted to try and have a more straightforward answer on this:

Are there any tax implications if one transfers funds from one's own bank account in France (or another country in the EU) to one's own bank account in the UK? This is assuming the money does not come from selling property, and that any due tax on the money (income, inheritance, capital gain, etc.) has been paid in the country of origin.

Or does the origin of the money make a difference in the answer? (e.g. implications if it's inheritance, but not if personal savings, etc.)

Thanks

bd6759
Posts:4267
Joined:Sat Feb 01, 2014 3:26 pm

Re: Transferring funds form own account in France

Postby bd6759 » Wed May 17, 2017 3:42 pm

There is no UK tax on the simple transfer of funds.

If the source of the funds is your income or gains, you may be liable to tax.

DavidTreitel
Posts:271
Joined:Thu Aug 16, 2012 4:31 pm

Re: Transferring funds form own account in France

Postby DavidTreitel » Wed May 17, 2017 8:28 pm

If you have non-UK income or gains you would want to consider whether to elect to claim the remittance basis.

kamoe
Posts:6
Joined:Wed May 17, 2017 10:26 am

Re: Transferring funds form own account in France

Postby kamoe » Thu May 18, 2017 11:55 am

Thanks!

Money comes from gift of father. Not an income or result of sale of property. Provided all due taxes are paid in France, any issue if transferred to the UK?


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