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I need to Wire some money from overseas into the UK in

Resolved Question:

Hi, I need to Wire some money from overseas into the UK in order to purchase a flat in the UK. The sum is about £95,000 GBP. I was planning to wire it into my personal UK bank account and then pay for the property.
Can I simply wire this sum, or are there any issues with doing so?
Tax has already been payed on it within the overseas country that it will be coming from.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Are you UK domiciled or non-UK domiciled, ie a foreign national? If the latter, how long have you lived in the UK? Do you pay tax in the UK on your worldwide income or just on your UK source income?
Customer: replied 1 year ago.

I think I'm non-UK domiciled, I have a UK passport, UK citizen, but have been officially living overseas for the last 5 years. So have not been a tax payer in the UK for that length of time. I pay taxes accordingly in Barbados where I reside.

Expert:  TonyTax replied 1 year ago.
Thanks.

You will almost certainly be non-UK resident but if you were born in the UK and have British parents, you are UK domiciled.

Apart from it being a good idea to warn your UK bank in advance of the deposit with them of £95,000 to avoid delays in accessing your money due to money laundering procedures, there is no need to do anything else. You won't need to report the deposit to HMRC or pay any UK tax on it.

If your intention is to let the flat, then you may need to complete an annual self-assessment tax return and register with HMRC under the non-resident landlord scheme. You can read about that here.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
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Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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