Is it OK to pay property sale proceeds direct to spouse's account?

aroominyork

My wife is selling some commercial property in Australia. There are no tax issues as the property was held within a trust. I will be investing the proceeds in the UK, so is it OK for her to transfer the funds from Australia direct to my UK bank account, or does it need to go through her UK account first?

SeniorSam

It may be that the Trustees of the Trust need to authorise any action regarding the Trust funds, but not sure if the Trust was set up here or aboad and rules may be different. It is after all, Trust money, not individual money.

Sam

aroominyork

Sam - the funds have already been transferred from the trust (an Australian family trust) into my wife's personal account there. So I am asking about transferring from her Australian personal account to either her or my personal account in the UK.

CLAPTON

aroominyork wrote: »

Sam - the funds have already been transferred from the trust (an Australian family trust) into my wife's personal account there. So I am asking about transferring from her Australian personal account to either her or my personal account in the UK.

are you asking if it is possible to transfer money from a person in Australia to some else in the UK
if so then the answer is yes.

aroominyork

I'm not asking if it is possible. I am asking whether it could give rise to any tax issues or other undesirable complications if the funds do not first go through her UK account.

somethingcorporate

Large sums of money transferring between individuals, banks and countries could easily trigger fraud/anti-money laundering investigations.

I cannot see what would give rise to a tax liability though in this instance.

SeniorSam

Should not cause any problem. This is simply a gift between wife and husband and unlikely to cause any problems. Easily found out though,just contact your bank and explain he situation.

Sam