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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4984
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If my partner (we are not married) who currently lives and

Resolved Question:

If my partner (we are not married) who currently lives and is resident in Singapore makes payments to me to my bank account - are the any tax implications for me? I am a UK resident and citizen. The cash would be invested in the UK and would become a joint cash asset later - most likely to pay down on a mortgage that is in my name. We would ideally like to transfer 400 GBP a month. Please advise, thanks.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Customer:

Hello and welcome to the site. Thank you for your question

Please clarify the nature of payments.

Is this contribution towards living expenses and/or monies to be saved in your name?

JACUSTOMER-tx9vst1u- :

Hi, yes, the cash will be saved in my name and put in to a regular saver bond.

Expert:  taxadvisor.uk replied 2 years ago.
Dan, thank you for your question..

Please clarify the nature of payments.

Is this contribution towards living expenses and/or monies to be saved in your name?

Expert:  taxadvisor.uk replied 2 years ago.
I have just seen your reply.

Your tax implications will be taxation on interest you will receive on this regular saver bond.
As the funds you will be receiving from your partner are not income in your hands, there is no tax on the initial monies received.

I hope this is helpful and answrs your question.

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

Customer: replied 2 years ago.

Thank you - just to clarify, there would be no income tax or CGT due by me? Obviously just interest on bond that can be declared on my SA form in the normal way.

Expert:  taxadvisor.uk replied 2 years ago.
Dan, thank you for your reply.

Income tax on the interest you receive in the normal way. It would be taxed at source at 20%. No CGT as this would only arise if you were to invest the money in an investment that would realise a gain on sale.

I hope thsi is helpful.
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Yes, of course, interest taxed at source on bond but declared also on SA.

Understood - I thought that was the case but I appreciate some extra peace of mind and any unforeseen bills. Thank you. Dan

Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.
Best wishes.