moving money from abroad

mr_rush

Apologise if this thread causes controversy...

A friend needs to move a large amount of money over from India but wants to avoid paying tax on it. Basically his parents bought land and a flat in India in the 1980's with a view to retiring back there once they reached 60. Plans changed and the flat and land are no longer required. Total value of assets is probably £300000.

Is there any way to bring over this money to the UK without paying tax?

Enquiries amongst other friends suggested - buying gold or diamonds and bringing the money in that fashion, setting up an off shore account with a credit card linked and then spending this money over the next 10 - 20 years, buying property in France and eventually selling that - money easier to move across the EU vs between subcontinent and UK.

Advice would be helpful.

PS, the money is not desperately needed for any expenses in the UK

Jonbvn

If your friends are UK tax residents then they are liable for CGT on this money. Therefore, not paying tax on this money is tax evasion which is illegal.

mr_rush

anyone else?

Cook_County

Tax evasion is a criminal act. I suggest seeing a solicitor immediately before your friend and you are arrested for aiding in laundering criminal proceeds.

mr_rush

Its sorted now thanks

Cook_County

mr_rush wrote: »

Apologise if this thread causes controversy...

A friend needs to move a large amount of money over from India but wants to avoid paying tax on it. Basically his parents bought land and a flat in India in the 1980's with a view to retiring back there once they reached 60. Plans changed and the flat and land are no longer required. Total value of assets is probably £300000.

Is there any way to bring over this money to the UK without paying tax?

Enquiries amongst other friends suggested - buying gold or diamonds and bringing the money in that fashion, setting up an off shore account with a credit card linked and then spending this money over the next 10 - 20 years, buying property in France and eventually selling that - money easier to move across the EU vs between subcontinent and UK.

Advice would be helpful.

PS, the money is not desperately needed for any expenses in the UK

You should work on the basis that the Serious Organized Crime Agency will vist you or your "friend" shortly. Speak with a solicitor & take legal advice because tax evasion is a criminal activity - not a money saving technique.