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Deposit from overseas which inherited from mum
Comments
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It's not great if your solicitor wants to verify the source of funds for a period including that transfer, as you can't realistically prove that the cash deposit was from your inheritance and not something else.If I travel a few times from Bangladesh to the UK; I can legally carry 10,000 euro each time according to the UK rules, then I will deposit it into my account cash in the UK.
How does it sound?0 -
There are no UK taxes payable merely for transferring your own money into the country.kdotdotdotdot wrote: »2. The legality of that money once in the UK. I'm not a lawyer so you need to check whether you should be paying tax on this sum of money. I think you're below the threshold for inheritance tax, but knowing our government, there's probably at least one tax you need to pay on this money. That needs to be done in order for you to be fully legit.0 -
Please note that this is my money.
Therefore, I am not washing it.
I agree that this money is not illegal, whilst it is in Bangladesh. However, you are proposing to smuggle it.
I am not passing judgment, but I am warning you that a solicitor may be required to report you. It’s entirely up to you what you do about that.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Probably one of the cases where using a cheap conveyancing outfit rather than a clued up solicitor would be to your advantage.
Show the will, showing your inheritance; a bangladeshi bank statement with the money going out, a Uk bank account with the money going in and you may get away with it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Please note that my money is not illegal, and I am not trying to do anything illegal.
There are restrictions in Bangladesh about sending money overseas.
Therefore, I am looking for advice before bringing money in the UK.
Can't you see that that's a complete contradiction? Any bank will be suspicious if you pay £40k in in cash (even in 4 separate transactions). And any solicitor will be suspicious if you say it's inherited money you received in Bangladesh and magically (and legally) brought it to the UK.2024 wins: *must start comping again!*0 -
Possibly, though the OP would never find out as the solicitor isn't allowed to tip off clients that they've made a report, and given the OP isn't actually money-laundering or doing anything criminal from a UK perspective, I can't see anything coming of it. Other than the solicitor having to make an excuse for the delay while they await the go-ahead from the authorities.I am not passing judgment, but I am warning you that a solicitor may be required to report you. It’s entirely up to you what you do about that.
A more likely risk is that the solicitor simply doesn't want to bother with the hassle and shows the OP the door.0
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