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Where Taxpayers and Advisers Meet

Repatriating money on house sold abroad 10 years ago

StephanieLee
Posts: 4
Joined: Sat Apr 20, 2019 11:45 am

Repatriating money on house sold abroad 10 years ago

Postby StephanieLee » Sat Apr 20, 2019 11:54 am

Hello. I owned a house outside the EU (in Belarus) for 10 years, over which time the price shot up 10 x.

I sold it in 2009 and moved to Italy. It was not covered by CGT in Belarus, so there was no tax paid there. Similarly, in Italy, there was no tax paid there.

Now I am moving back to the UK and want to move the money into my UK bank account.

As I understand, I need to account for money over £10,000 when it enters an account.

How is this actually done? The thing is, the first bank I transferred it to has now been sold to another bank and no longer has my statements. The only "proof" I have is the notary in Belarus, which ought to still have a record of the sale (which was done in euros).

Has anyone gone through a similar process?

AGoodman
Posts: 805
Joined: Fri May 16, 2014 3:47 pm

Re: Repatriating money on house sold abroad 10 years ago

Postby AGoodman » Wed Apr 24, 2019 11:13 am

There is no process as such. Your bank may just ask you what the source of the money was.

StephanieLee
Posts: 4
Joined: Sat Apr 20, 2019 11:45 am

Re: Repatriating money on house sold abroad 10 years ago

Postby StephanieLee » Thu Apr 25, 2019 2:30 pm

I was wondering what happened if the bank asked, because I know they have to report things to the financial authorities.

So if I had to hang on until I managed to dig up the documents - and what if I could not? - I wonder what would happen under such a scenario.

darthblingbling
Posts: 251
Joined: Wed Aug 02, 2017 9:09 pm

Re: Repatriating money on house sold abroad 10 years ago

Postby darthblingbling » Thu Apr 25, 2019 3:05 pm

Have you tried asking the conveyancer involved with the house purchase as this is a legal question more than a tax question

StephanieLee
Posts: 4
Joined: Sat Apr 20, 2019 11:45 am

Re: Repatriating money on house sold abroad 10 years ago

Postby StephanieLee » Thu Apr 25, 2019 10:46 pm

The conveyancer was the notary agent. But that was 10 years ago and not sure if the office even still exists!

darthblingbling
Posts: 251
Joined: Wed Aug 02, 2017 9:09 pm

Re: Repatriating money on house sold abroad 10 years ago

Postby darthblingbling » Fri Apr 26, 2019 7:11 am

Sorry, misread the question, thought you were going to use the money to purchase a house in the UK.

I'd just talk to the bank that you're transfering into.

StephanieLee
Posts: 4
Joined: Sat Apr 20, 2019 11:45 am

Re: Repatriating money on house sold abroad 10 years ago

Postby StephanieLee » Fri Apr 26, 2019 4:22 pm

Well, the question is still relevant, because I would like to use the money to buy a house in the UK and, as I understand, estate agents also have to check on the sources of money .

darthblingbling
Posts: 251
Joined: Wed Aug 02, 2017 9:09 pm

Re: Repatriating money on house sold abroad 10 years ago

Postby darthblingbling » Fri Apr 26, 2019 5:59 pm

Yes your conveyancer will ask about the sources for money laundering purposes


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