Tax on moving own money from the EU into Uk

Odd_Socks123

My wife is German but has residency in the UK. She has loved and worked here for 20+ years and has bank accounts, mortgage etc in the UK. She also has an account in Germany still. It pays zero interest but is a relatively large sum.

We would like to move this money into her UK account, but we're not sure whether there are any tax implications of this. The German account is solely in her name and would move into her UK account so to me it seems simple, but are there other tax considerations?

Bostonerimus1

No tax implications as long as this is a simple bank account ie no tax deferral or other complications.

pecunianonolet

Change banks in Germany. 

4.2% with https://www.trading212.com/interest-on-cash
3.7% for 3 months and 2.9% after with https://www.renault-bank-direkt.de/

1000€ tax free interest in Germany but interest would need to be declared in UK as foreign income to HMRC. For Trading 212 it's classed as capital gain, not interest. 

Odd_Socks123

It isn't from anything specific. It is an old account from when she lived and worked in Germany, so the original sum was her general current account. We now just dip into it when we visit Germany. Interest is zero or as good as. In fact, I believe she actually pays a small amount for the account (apparently far more common in Germany).

There have, however, been a number of family cash gifts given to her into this account over the years, ranging from small amounts to higher values of a few thousand). So not inheritance, but some gifts from aging family is definitely included 

El_Torro

As mentioned there won't be any tax to pay. Your biggest consideration is probably to get the best exchange rate possible. Depending on how much money it is it may be worth looking at what banks charge for this. I have used Wise in the past, though I'm sure there are other good options.