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Where Taxpayers and Advisers Meet

Transfer money from outside EU to UK bank account

aaad1
Posts:1
Joined:Fri Sep 01, 2017 6:00 pm
Transfer money from outside EU to UK bank account

Postby aaad1 » Fri Sep 01, 2017 6:23 pm

Hope someone can help me as I am unsure what to do.
I do not hold a UK passport but do have a indefinite leave visa, I am in the UK for less than 90 days per year and only come to the UK to visit my family. I used to work here in the UK but now outside EU to set

I have money in my saving account and bring around £5000-£10,000 to the UK to support my family (bills, food etc.) every time I visit them.
I convert the money to GBP (£50 notes) at the bank and bring them to UK and save it in my UK bank account then transfer some to my wife (UK resident).
Withdrawing it instead of international bank transfer is much cheaper.

Do I have to pay tax on the money I deposit and is there a limit?
I have the receipt for withdrawing the money, do I hand this in to the UK bank when I deposit the money?
I don't want the bank to have any red flags on my account and think I'm performing illegal activities due to the large amount of cash.

Thanks in advanced.

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

Re: Transfer money from outside EU to UK bank account

Postby bd6759 » Sat Sep 02, 2017 12:34 pm

You need to check your residence situation using the SRT,

Depositing large amounts of cash will "red flag" you account.

AmanSood
Posts:216
Joined:Mon Jan 09, 2017 4:12 pm

Re: Transfer money from outside EU to UK bank account

Postby AmanSood » Sun Sep 03, 2017 3:54 pm

assuming the income you earn overseas is employment income and the country you are resident in has a double tax treaty with the UK under which you are treaty resident overseas, then you shouldn't have to pay any tax in the UK on this income brought into the UK.
Advising on UK employment, expatriate and personal taxes
aman.sood@e-taxconsulting.com.
+44 (0) 207 846 0155


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