Bringing money into the country

Rommoney

I am enquiring on behalf of a friend.

He is going to a non-EU country and intends to bring into the country a significant amount of money when he returns. It's a legitimate source of money from the sale of property.

What tax implications are there?

Is it IHT/CGT or anything else?

I'm just wondering if there is any tax liability.

He is a UK resident and has been for a long time.

I know if it's over 10k you need to make a declaration (to comply with money laundering legislation).

Cook_County

Is he a non-dom? Is he filing on the arising or remittance basis?

Rommoney

Nope. British citizen. Has lived here for 30 years with no breaks.

Land has been sold in a non-EU country. He wants to bring the money into the UK. He wants to know if there are any tax considerations.

chrismac1

CGT, probably mitigated under double taxation relief by any btax paid in that country.

Cook_County

Probably also CGT on the foreign currency.

All reportable on the UK tax return.