This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Transfer money from my savings aboard to my UK account

cuongme
Posts: 2
Joined: Wed Mar 06, 2019 11:59 pm

Transfer money from my savings aboard to my UK account

Postby cuongme » Thu Mar 07, 2019 12:22 am

Hi,

Not sure what topic I should post this so selected General. I am Japanese and married an English guy 12 years ago and moved to the UK. I chose to keep my Japanese passport and don't want UK citizenship. I am a housewife and have not worked since giving birth 10 years ago. When I left Japan I closed my accounts and deposited the money in my father's account. He died last year and as I couldn't open an account without a home address my brother did in his name (yes I trust him :)).
With no parents remaining I won't be visiting Japan as often so want to bring my funds to the UK. If my brother transfers the money into my UK bank account will I be liable to pay UK tax? Will the bank question or block the transfer if a large sum is deposited?

Thanks in advance for the advice!

Yuko

cuongme
Posts: 2
Joined: Wed Mar 06, 2019 11:59 pm

Re: Transfer money from my savings aboard to my UK account

Postby cuongme » Thu Mar 07, 2019 12:40 am

I would like to add that the money is a mixture of my savings when I was working in Japan and inheritance after selling the house and splitting with my siblings. It's in Japanese Yen so will need to be converted to GBP or should I open a Japanese Yen account here?

AnthonyR
Posts: 258
Joined: Wed Feb 08, 2017 2:33 pm

Re: Transfer money from my savings aboard to my UK account

Postby AnthonyR » Fri Mar 08, 2019 12:00 pm

If this was your cash which resulting from work and sale of the property when you were not UK resident then there's no tax issues and you will be able to bring it into the UK free of tax.

However, if you sold the property while resident in the UK and the property wasn't your home throughout (ie a rental property) you should have declared the gain or claimed the remittance basis at the time. If the property was your main home throughout there shouldn't be any tax.

Whether you transfer it into a Yen bank account or into GBP is up to you. Obviously transferring Yen into a GBP bank account directly will incur bank fees and if you intend to do this you are better off finding a money brokerage who will likely get you a much better rate than a bank. The bank may want to understand what the source of the funds is to verify that it is not the proceeds of crime.
Anthony Rogers CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk

maths
Posts: 7519
Joined: Wed Aug 06, 2008 3:25 pm

Re: Transfer money from my savings aboard to my UK account

Postby maths » Fri Mar 08, 2019 2:43 pm

The conversion of yen into sterling may precipitate a a capital gains tax charge (on any sterling gain).


Return to “General”