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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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my wife is uk resident , i am non uk resident .can i transfer

Customer Question

my wife is uk resident , i am non uk resident .can i transfer money to our joint uk account towards deposit for a property and is it free of tax ...
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Transfer of cash or assets between married couples who are living together which does not always necessarily mean living in the same home are tax neutral. Your wife will not have to pay UK tax of any sort on the cash transfer. This is on the basis that you are non-UK resident and do not pay UK tax on non-UK source income.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

hi

thanks your last .

My french parents who are retired/living in france want to send me E30000 in UK towards deposit purchase of BTL property . Since i am not UK resident 1- can they send same to our joint UK account 2-will it be free of tax in uk (gift authorised by french authority which means i will have the proper paperwork from france in case needed)

Once deposit received in our joint acount my wife will apply for mortgage under her name only since mortgage company will not accept non resident uk in the mortgage application .regards

Expert:  TonyTax replied 2 years ago.
1 They can but you should give your bank advance notice of the sizeable transfer. Otherwise, their money laundering software may kick in and delay access to the cash.

2 Yes, it will be tax free in the UK. If the funds are coming from outside the UK or from a UK bank account denominated in non-UK currency, there will be no UK Inheritance Tax implications should your parents pass away within seven years of making the gift.
Customer: replied 2 years ago.

2-what will happen if my parents pass away after 7 years since this gift will already been registered with french tax authorities for iht purposes.cannot be tax twice ???

Expert:  TonyTax replied 2 years ago.
Are your parents French or British nationals? Where will the gift be comong from?
Customer: replied 2 years ago.

1-french nationals

2-cheque will come from their bank in france .

the cheque number will be registered with french tax authority

as gift to myself and same deposited into my joint account in uk.

Expert:  TonyTax replied 2 years ago.
Thanks.

In that case, there will be no UK Inheritance Tax implications for your parents. I explained your own and your wife's situation earlier.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15758
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

good day

Please advise status regarding transfer of those E30000 into a joint account in uk (wife/myself).The cheque will be issued in favor of myself and deposted into out joint account towards purchase of btl poperty.When i left UK i close my personal bank account but kept the joint account since receiving rentals from other btl . My question :1)would HMRC anycase view the 30000E as 15000E (wife) and E15000(gpd non resident. ) also gift to myself only(non resident)and tax my wife share at 40pcnt .?????(her tax bracket in uk) .2)could my wife us this deposit to get a mortgage under her sole name .If any queries please let me know.regards

Expert:  TonyTax replied 2 years ago.
It really doesn't matter whose name the bank account is in. As I said before, transfers of assets between married couples are tax neutral. In direct answer to your numbered questions:

1 No tax whatsoever. It's a gift from your parents.

2 I'm not a mortgage advisor so I cannot answer that question but I don't see why not.
Customer: replied 2 years ago.

"excellent"

Thanks your reply .

Expert:  TonyTax replied 2 years ago.
Thanks.
Customer: replied 2 years ago.

good day

Left uk January 2004 to work abroad.

My home /family is based in uk.

If I loose my job abroad , can I come back to Uk to my home

and become uk resident again..

As advised previously I have French passport.

Expert:  TonyTax replied 2 years ago.
From a tax point of view, there is nothing to stop you becoming UK tax resident again.

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