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Where Taxpayers and Advisers Meet

Guidance on transferring funds into the UK

ozzie11
Posts:1
Joined:Sat Feb 05, 2022 11:55 am
Guidance on transferring funds into the UK

Postby ozzie11 » Sat Feb 05, 2022 12:14 pm

Hello,

I would be grateful for some guidance.

I am a UK tax resident.
My family is thinking about gifting me some money which is in Pakistan. The sum will be less than £50,000.
I am not sure of the process around this. Can someone please advise:

1. Will I have to pay tax on these funds?
2. Can this sum be transferred in one transaction from a Pakistani bank account to a UK bank account (i.e. is there any limit to how much you can transfer)?
3. Is there any fee / charge which will apply to this in the UK?
4. If I have to pay tax, then other than declaring it to the HMRC, do I need to declare it to anyone else e.g. let the bank know in advance?

I do not understand financial matters well hence your help will be greatly appreciated.

Thank you.

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Guidance on transferring funds into the UK

Postby pawncob » Sat Feb 05, 2022 9:10 pm

1.No
2.Yes you can.
3.transfer fee from bank?
4.Advise bank in advance. Be ready for MLR questions.
With a pinch of salt take what I say, but don't exceed your RDA


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