Tax on money transfer in uk

snowman888

Dear Forum,

    I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice.

    I have joint accounts with my wife at bank A and bank B both UK banks.
    We transfered money from bank A to bank B.
    Next we get hit by the taxman for 20% on the value of money tranfered.
    

    Why?
    
    As this is not a monetry gain.

Nomunnofun1

snowman888 said:

Dear Forum,

    I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice.

    I have joint accounts with my wife at bank A and bank B both UK banks.
    We transfered money from bank A to bank B.
    Next we get hit by the taxman for 20% on the value of money tranfered.
    

    Why?
    
    As this is not a monetry gain.

How have you been hit by the taxman for 20%’ 

That makes no sense at all!

HappyHarry

snowman888 said:

Dear Forum,

    I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice.

    I have joint accounts with my wife at bank A and bank B both UK banks.
    We transfered money from bank A to bank B.
    Next we get hit by the taxman for 20% on the value of money tranfered.
    

    Why?
    
    As this is not a monetry gain.

You don’t get hit with 20% tax in a transaction like that.

Why do you think you do?

Brie

How did the taxman contact you about needing to make a payment?  Are you sure it's not a scam?

I would wonder if one of the banks has been hacked?

Albermarle

snowman888 said:

Dear Forum,

    I can’t find this specific scenario in the heading and FAQ’s so I am looking for some advice.

    I have joint accounts with my wife at bank A and bank B both UK banks.
    We transfered money from bank A to bank B.
    Next we get hit by the taxman for 20% on the value of money tranfered.
    

    Why?
    
    As this is not a monetry gain.

You need to supply more details, as bank transfers are never subject to tax.
Was the transfer from current account to current account for example?

penners324

Only way this would happen is a business to business international transfer where withholding tax has to be retained/ paid 

Bookworm105

without more info it is only possible to say that no way would "the taxman" take 20% of any balance so transferred

if you see a difference between amount sent and received you must have had some form of explanation over the discrepancy, what did it say?