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Sam
Sam, Accountant
Category: Tax
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my father French resident opened an account in france few years

Resolved Question:

my father French resident opened an account in france few years back in france for each of my sons /deposited 100000FF equivalent 15000 euro in each account/play the stock market/and after few years the amount is about 25000 euro each. this amount was for future study or deposit towards property .did not mention anything to hmrc since they were not working but studying in uk. however last 2 year one of my son is now working and the other one has been working. should they wish to bring back those funds fully or partly into uk to use as deposit for property or else what should be the procedure vis a vis hmrc order minimize tax implications if any.regards.
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

Thanks for your question - I am Sam and I am one of the UK tax expert

If they were your sons accounts (in their names) and they created an income of interest of more than £300 a year - then although there may have not been any UK tax liability (due to their entitlement to Uk tax personal allowances) they should have made a claim to HMRC of any income that arose from this capital sum.

You advise that the accounts have grown threough the play of stocvk markets, did they play them themselves or did someone do this on their behalf? It is so I can establish whether there was a tax consideration of profits made.

Since they have worked - then they had an obligation to declare all or any income that this capital sum made and ought to seek to recify this position as soon as possible, so perhaps they can establish what awards of any interest have been made

or other means of growth on this initial capital sum.

This having been addressed, then they are free to bring as little or as much of this capital into the UK without any further tax consequence.

Let me know if I can be of any further assistance

Thanks

Sam

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Customer: replied 2 years ago.

thanks your message.

their grand father French resident was playing stock market himself /not the children. they gave their grand father access to the account order sell/buy stocks. regards

Expert:  Sam replied 2 years ago.

Hi

Thanks for your response

Its irrelevant who played the stock market it was the childrens money and they (the children) benefited from the profits made and so capital fains would need to be considered on gains made (and any interest paid on the capital within the account)

Thanks

Sam