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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4979
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hi In Uk, if I get money from pakistan or any other country

Resolved Question:

Hi
In Uk, if I get money from pakistan or any other country to UK around 5k-10k through bank transfer, then do I need to pay any tax on this amount? I am currently working in UK and already paying tax
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Please advise nature of funds received.
Are you UK National and UK resident for tax purposes?

Many thanks
Customer: replied 3 years ago.


Hi


 


I am Uk resident.


I want to transfer funds from my personal account in pakistan to personal account over here around 5-10k.


 


Thanks

Expert:  taxadvisor.uk replied 3 years ago.

Thank you for your reply.

If you intend to transfer your savings from your personal account held in Pakistan to your account in the UK, and it is not undisclosed income or capital gain then there should be no tax payable on this sum. You don't have to report it on your tax return. You should alert your bank in the UK of an impending transfer to comply with Money Laundering Regulations.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.

Best wishes.

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