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Where Taxpayers and Advisers Meet

Tax on savings

Posts: 1
Joined: Wed Feb 20, 2019 12:30 pm

Tax on savings

Postby jubr75 » Wed Feb 20, 2019 12:37 pm

Firstly, apologise if this is the wrong forum!

I am after some advice on payable tax.

My partner, who currently is overseas, will be sending a large amount of money over to me for purchasing of our home, etc. Would I need to declare this money transfer to someone and would I need to pay tax on it? If it helps, I work full time and am on the 40% band of tax.

Many thanks in advance

Posts: 419
Joined: Wed Feb 03, 2010 4:40 pm

Re: Tax on savings

Postby JRG » Thu Feb 21, 2019 3:20 pm

There is no tax payable on money being transferred/gifted to you. However, if you put into an account that pays interest there will be tax payable if the total interest on all your accounts exceeds HMRC's current exception limits.

Be aware that any large amount of money coming from abroad might be vetted under the current money laundering rules, to establish its authenticity. This may delay it being available for whatever purpose you have for it.

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