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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My wife is self employed and pays the lower rate of tax via

Resolved Question:

My wife is self employed and pays the lower rate of tax via self assessment. She is Brazilian but a couple of years ago obtained UK citizenship and lives in the UK. A few years ago, she transferred some money to Brazil and brought a plot of land. She has now sold this (for no profit) and wishes to transfer the money back - it equeates to about 9500 pounds. My question is whether she needs to pay tax on this after she transfers it?
Many thanks
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

If your wife transferred money out of the UK and this money is now being brought back then there is no tax to pay on it. You have stated there is no gain from sale of land.

She does not have to report it on her tax return.

I hope this is helpful.
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

If your wife transferred money out of the UK and this money is now being brought back then there is no tax to pay on it. You have stated there is no gain from sale of land.

She does not have to report it on her tax return.

I hope this is helpful.
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Expert:  taxadvisor.uk replied 2 years ago.

I thank you for accepting my answer.

Your reward of a bonus is greatly appreciated.

Best wishes.