We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transferring savings from Italy to the UK -Any tax payable?
Options
freeman32
Posts: 8 Forumite
A friend of mine is a long term resident in the UK with an Italian Passport and Nationality.
He has £100k savings in Italy in an Italian Bank.
If he transfers the 100k to a UK savings account will the 100k count as income on which he has to pay Income Tax? If not will the transfer be subject to any other form of UK taxation? Does this apply to larger or smaller amounts?
He understands that once transferred the interest earned in the savings account will be subject to UK income tax.
Thanks for your advice.
freeman32
He has £100k savings in Italy in an Italian Bank.
If he transfers the 100k to a UK savings account will the 100k count as income on which he has to pay Income Tax? If not will the transfer be subject to any other form of UK taxation? Does this apply to larger or smaller amounts?
He understands that once transferred the interest earned in the savings account will be subject to UK income tax.
Thanks for your advice.
freeman32
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards