Repaying morgage with Euros

Pascal

I am planning to repay my morgage with funds from France. I am working and paying tax in the UK.
Does anyone there knows if there are tax issues (or else) when importing large sums (£100000) from abroad?
Also can anyone recommend a cost effective way to transfert Euros in Pounds for this sort of amounts?
Many thanks
Pascal

canny_yorkshireman_2

um you could try specialist money market trader such as moneycorp they usually give you a better rate than banks as far as tax issues don't know if it is treated as income hope its not or the tax man will take a big slice of that ouch!!!
can you pay the money direct to the mortgauge provider if so then try that route so it does not appear in your accounts.remember tax avoidence is perfectly legal tax evasion is another matter

canny_yorkshireman_2

um you could try specialist money market trader such as moneycorp they usually give you a better rate than banks as far as tax issues don't know if it is treated as income hope its not or the tax man will take a big slice of that ouch!!!
can you pay the money direct to the mortgauge provider if so then try that route so it does not appear in your accounts.remember tax avoidence is perfectly legal tax evasion is another matter

canny_yorkshireman_2

soz about the above repeat that will teach me to be on two sites at once

Cook_County

Assuming that you are domiciled outside of the UK (eg France) then you will need to decide whether or not you are remitting items taxable in the UK such as income or capital gains. If so then you may find an offshore mortgage makes a great deal more sense.

Pascal

Yes I live in the UK. The inland revenue told me that the money I import from France won't be taxed. Only the interest I earn from it ,if so, would be. I am starting to feel a bit more reassured. many thanks for your responses.
Pascal

Pascal

I am thinking about trading with Money 4 Less. They sound Ok to me so far. Any recommendations?

Cook_County

Domicile in English law has an ENTIRELY different meaning than it does in French tax jargon.

Living in the UK does not mean that you are domiciled here.
I suspect that you are originally from France, in which case you are almost certainly not domiciled within the UK.

If so then unless you have separate capital and income accounts outside of the UK then you will automatically be treated as remitting the interest as the first part of the money you bring to the UK. This income will be taxable in the UK when remitted.

Additionally, you may have made a capital gain on the Euros, if this exceeds your capital gains exemption then this gain will be subject to capital gains tax.

If you are continuing to receive income outside of the UK an offshore mortgage is still frequently very tax efficient.

You will also want to consider UK inheritance taxes if you reduce your debts in the UK.