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Transferring money from an EU country to the UK
maia3
Posts: 2 Newbie
Hi there,
I've been a UK resident for the last 5 years and I am also an EU national. My parents, who are living in the EU, have just opened a bank account in my name in my native country and put a large sum of money there (£40,000). Now I want to transfer this money to the UK. The transfer will take place from the EU account in my name to the UK account in my name.
Do I need to pay any tax in the UK for this money? I will open a savings or ISA account in the UK and transfer the money there. As far as I know, I will have to pay money for any interest this money will generate from the savings account /ISA, but I'd like to know if there is any other tax I need to pay as a result of this transfer. Also, do I need an accountant or a broker etc. to help me out with this or do I just have to notify the bank and take it from there?
Thank you,
I've been a UK resident for the last 5 years and I am also an EU national. My parents, who are living in the EU, have just opened a bank account in my name in my native country and put a large sum of money there (£40,000). Now I want to transfer this money to the UK. The transfer will take place from the EU account in my name to the UK account in my name.
Do I need to pay any tax in the UK for this money? I will open a savings or ISA account in the UK and transfer the money there. As far as I know, I will have to pay money for any interest this money will generate from the savings account /ISA, but I'd like to know if there is any other tax I need to pay as a result of this transfer. Also, do I need an accountant or a broker etc. to help me out with this or do I just have to notify the bank and take it from there?
Thank you,
1
Comments
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I suspect that one reason that you have had no replies is the frequency of this question appearing on this forum. You do not have to pay tax on this money.1
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