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Where Taxpayers and Advisers Meet

Tax implications from overseas bank account

Crewcut
Posts:2
Joined:Wed Feb 27, 2019 7:45 pm
Tax implications from overseas bank account

Postby Crewcut » Wed Feb 27, 2019 8:02 pm

Hi, I wonder if someone could advice me what would be best to do. I will in the next couple of months received a six figure sum from a good friend who has had a successful business deal in the Caribbean. I gave my friend a small amount of money to help them out no paperwork etc. Once they have been paid the money i can either have it placed in an overseas account where my friends money will be placed initially or I can have it sent direct to my UK account. I am retired and receive a small pension but I'm still in my late 50's so no state pension. What if any would be the tax implications on either of the options.

Thanks in advance for any advice.

pawncob
Posts:5099
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Tax implications from overseas bank account

Postby pawncob » Wed Feb 27, 2019 10:50 pm

If it's a gift then there are no UK tax implications. but it sounds more like a return on an investment.
Much more info required.
With a pinch of salt take what I say, but don't exceed your RDA

Crewcut
Posts:2
Joined:Wed Feb 27, 2019 7:45 pm

Re: Tax implications from overseas bank account

Postby Crewcut » Wed Feb 27, 2019 11:42 pm

The money given was to assist with a legal matter but had no connection to the actual business transactions. This will be a gift to me and my family.


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