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.
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