Confused about using my Spanish savings to buy

Burai

Hi,

I've been struggling for the last month or so to get this solved, my current situation is that I'm in the middle of getting a mortgage to buy a new property here in UK, been living here for more than 5 years and manage to get a lender. Since thay one I've been trying to move my savings from my old spanish bank transfered to UK, but since it's a large amount I've been struggling since no one has been clear on how to do it without getting hit by the taxes.

The last thing I've been told is to get a Certificate of Residence, but it's going to take two more weeks and I'm running out of time.

One of the options I've been trying to see if feasible is to transfer the deposit to my solicitor straight from the Spanish bank, but I"m concerned that I get taxed 10% if I do so. When I try to google this I find a lot of information, but nothing really matches my case.

Does anyone can point me to the right direction?

Thank you very much

AnotherJoe

Who would be levying this tax ? Is this a Spanish thing ?

Thrugelmir

Burai wrote: »

to move my savings from my old spanish bank transfered to UK, but since it's a large amount I've been struggling since no one has been clear on how to do it without getting hit by the taxes.

If tax is due then it has to be paid. No one is going to be able to provide an answer where none exists.

John-K_3

Can you clarify what you mean? If tax is due in Spain on the transfer, then it is due. No-one is going to tell you how to evade it.

What tax are you expected to pay?

Burai

Thanks for the replies.

I’m the first confused so I probably confused everyone else asking the wrong thing. To clarify: my saving have already been taxed in Spain. What I’m not sure if when I move the money to UK I have to pay again or declare anything specific to HMRC. Reading around a bit more I think that’s not the case...

John-K_3

Yes, that is right, there is no tax to be paid on moving your own money to the U.K.

One thing that will likely matter is keeping good records showing that it was earned, taxed etc. normally, as when you buy your solicitor will need to carry out anti money laundering checks.

AnotherJoe

Burai wrote: »

Thanks for the replies.

I’m the first confused so I probably confused everyone else asking the wrong thing. To clarify: my saving have already been taxed in Spain. What I’m not sure if when I move the money to UK I have to pay again or declare anything specific to HMRC. Reading around a bit more I think that’s not the case...

Indeed. Not sure where you pulled the number of 10% from. It will be worth you investigating foreign exchange ( Fx) specialist platforms, as you should get a much better rate transferring large sums of money than just doing it straight into a mainstream UK bank.