Transfer money from Spain to UK in cash

pixies_2

As I didnt want to pay commission charges to banks I got all my money from my spanish bank in cash and brought it in my suitcase to UK.

I exchanged my euros for pounds in a bureau de change (good rate), and now I have got 4000 pounds in cash.

This money was already taxed in Spain, and Im wondering if I deposit this money in my Barclays account...would it be again taxed in UK?

Thank you.

RetiredInThailand

You would have got a better rate for a booked electronic transfer.

Littleweedj

Agree about electronic transfer. If you had used a currency exchange company such as World First or HiFx you would have got a better rate changing euros to sterling.

Plus it would have been more secure than bringing all the money out in a suitcase.

This is the way I have always changed money, which is easy and much better than using a bank.

thenudeone

Possession of money isn't taxed in the UK.

Income (eg: interest on savings; dividends; or a salary) is.
Capital Gains are.
Money passed through inheritance is.

But not mere possession of money.

What makes you think there might be any other UK tax to pay?

pixies_2

What makes me think there might be a problem is the fact that if I deposit an amount of cash in the bank, HMRC have no way of verifying the origin of that money.

You are right, I should have made an electronic transfer, but now it's late and before depositing the money in my account I want to make sure there would be no further problems

Savvy_Sue

pixies wrote: »

What makes me think there might be a problem is the fact that if I deposit an amount of cash in the bank, HMRC have no way of verifying the origin of that money.

You are right, I should have made an electronic transfer, but now it's late and before depositing the money in my account I want to make sure there would be no further problems

I'm not sure HMRC will care, but the bank might want to check it's not the proceeds of money laundering. I don't know what amounts trigger that kind of check, but do you have any kind of paper trail to demonstrate where you obtained the money from? Spanish payslips, for example.

pixies_2

The money is my savings for the past two or three years. Yes, probably I could find payslips or similar if asked to

RetiredInThailand

Presumably you have old statements from the Spanish bank in which your savings were held? These would be enough to show where the money came from.

antenna

Pay the cash in,in small amounts of around £850 over 5 weeks....no questions will be asked.

dzug1

antenna wrote: »

Pay the cash in,in small amounts of around £850 over 5 weeks....no questions will be asked.

That's actually more likely to raise suspicion (if the bank is alert, a big if) than paying it in in one go

Paid in in one go you may be asked where it came from. Just tell the truth. they will accept it and it's the last you'll hear about it.

Paid in in bits - probably no questions, but if they notice the pattern it may get reported (and they won't tell you) to the money laundering authorities which could lead to all sorts of problems.

ecogeorge

Can't you just say you have sold a car / antique / 10 yrs of cash savings ? or I am I so naive?