Bank transfer from abroad

Nihaonihao

Hi,
Hope you can offer advice. Similar questions have been asked, but I couldn't find any recent threads with relevant information.
I am planning to sell my property in my home country to help fund a home purchase in the UK. The amount I expect to transfer into my UK account is around £83K. I have spoken to my Bank (hsbc) to find out what their rules and regulations are when such amounts are being received. Unfortunately, I wasn't convinced by the answers I was given.
Would the transfer raise any flags and would I have to prove the source of the funds. If yes, how? Also, I realise that is a separate question, do I need to declare the money to HMRC and pay tax on it?
Your answers are appreciated.

xylophone

tax - none

Might he have to consider CGT?

https://www.gov.uk/tax-sell-property/selling-overseas-property

Cook_County

If you are paying UK tax on the arising basis, you will want to calculate and declare any gain to HMRC, whether or not the money is remitted to the UK.

dori2o

Do you own any other property?

Do you currently live in the property?

If not have you ever lived in the property and if so when did you move out of the property?

has it ever been let out for rental?

What is your current residency status?

agrinnall

It is very likely that the transfer will raise a flag and your bank will ask you about the source of funds, so you need to ensure you have reasonable paperwork from the sale to support your case. There is no tax to pay simply because you are transferring funds, so that won't be a reason to notify HMRC, but as the others have said the possibility of a CGT liability may well mean that you have to inform them anyway.

Nihaonihao

Thanks for the replies.
I do have other properties, but am selling the one that is considered my first and my home.
Do not currently live at the property. It has been empty since we moved to the UK four years ago. Not rented out.
I am a UK resident, but not domiciled. I do not own property in the UK.
The government's website says that you are not liable for Cgt if selling your home. Would the same rule apply in this case?
Also, their website states.... "The same rules apply if you make any foreign capital gains, for example you sell shares or a second home." Focusing on the words "second home", is it logical to assume no Cgt is owed?
Thanks