Large international transfer from Dubai to UK

kingza

Hey Money Experts,

I need your wisdom here.

So a couple of years ago one of my parents passed away and as a result we had to sell some property abroad and ended up with a sum of money, say 50k GBP in an account in Dubai.

I now want to bring this money here because I'll soon be wanting to use it as a deposit for a house for my family.

I understand from the Dubai bank that they just need me to instruct the transfer and they can happily do it. However, am I likely to face some other issues from HMRC etc when it comes here, since it's such a large sum of money? What considerations are there? What advice do you have for me?

Thanks so much. It's been haunting me for a while.

kingza

Bump. Can anyone help please?

SliAbhaile

I don't see the problem.

I've received similar sums in my regular UK current account from overseas legacies without comment.

ChesterDog

I received something like £80k as a transfer from Dubai, not too long ago, with no problems.

kingza

That's quite reassuring.

I've just been told that apparently sometimes HMRC or whoever are likely to come after you at some point asking what the source of the money is and why you have it, and will quarantine or tax it as necessary...

innovate

You will have to be prepared to answer questions about the source of the funds. But nothing to worry about if it is your inheritance, and if you have declared any income from the funds as required by the law.

xylophone

I would advise your UK bank that the funds are expected and declare the source.

kingza

Interesting... I actually walked into a branch and said it to them and they were like... yeah we dont care if you wanna transfer money then that's cool.

bigadaj

kingza wrote: »

Interesting... I actually walked into a branch and said it to them and they were like... yeah we dont care if you wanna transfer money then that's cool.

Shows how things have changed with the big banks over the last few years, then you would have experienced the hard sell of how they could help you invest the money with them, incentivised by staff bonuses but selling poor value, inefficient and overpriced products.

Archi_Bald

kingza wrote: »

I actually walked into a branch and said it to them

I suppose it depends a lot on what you mean by "said it to them".

kingza

Hehe. I asked some 2 guys that were standing near the entrance.

You know in central London HSBC branches they have that premium customer service where there are 1 or 2 staff members standing near the door directing you and managing ad hoc appointments.

Yeah well I asked them.