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Sam
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My question is on taxes on any assets in another country from

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My question is on taxes on any assets in another country from a friend. If I have sold a property in another country and want to bring the money to the UK, will there be any tax implications I.e. Do I need pay tax on it? I am not a British passport holder and have a Tier 1 Visa. Also, if I am receiving money as a gift from my family living abroad, do I have to pay tax on that sum?
Thank you,
Mustafa
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question - I am Sam and I am one of the UK tax experts here on just Answer. Can you advise whether this is a gift from a friend - or money from the sale of a property that you owned? If from a property that you owned - then when did it cease to be your main residence? How long had you owned it - and did your rent it out and being rental income into the UK - I can then see how we can make this as tax efficient for you as possible - if there is any tax liability arising. ThanksSam
Customer: replied 1 year ago.

Sorry, I meant the question is from a friend of mine.

There are 2 questions;

1) Ref the property - Yes property was solely owned. It is abroad, please read the question more carefully, so no rental in the UK, just need to know if tax is paid if the money is brought into the uk from the sale of the property.

2) If I am receiving money as a gift from my family living abroad, do I have to pay tax on that sum

Thank you,

Mustafa

Expert:  Sam replied 1 year ago.
Hi I asked did the property generate rental income and did you (your friend) bring rental income into the UK ( so I can see that the property is NOT in the UK!) Perhaps you can be more clearer ! Please adviseWho owns this property - you or the friendWho lives in the UK - you or the friendWho will receive the money - you or the friendThanks Sam
Customer: replied 1 year ago.

The friend owns the property (I am asking the question on her behalf only, so I will exclude myself from the question as it does nor relate to me personally)

Currently she lives in the UK

She will receive the money

The property is NOT in the UK, it did not generate income in the UK.

Also, the answer to the 2nd question please.

Thank you,

Mustafa

Expert:  Sam replied 1 year ago.
Hi Thanks for your response - thank you for your clearer information And when did this property cease to be your friends main residence? AS this will determine whether there is tax to pay. Thanks Sam
Customer: replied 1 year ago.

Thank you - this property abroad ceased to be her main residence recently in the last 4 months. Does it matter as it is abroad and just want to bring the money into the UK?

Thank you,

Mustafa

Expert:  Sam replied 1 year ago.
Hi Mustafa Its not the money in itself that might give rise to tax in the UK - its how the money arose, and ale of property that is no longer the home is one of the most common reasons that tax arises on lump sums of money being transferred in and out of the UK. However, as this property has NOT exceeded more than 18 months since this was your friends main residence there will be NO taxes arising in the UK for this money to be brought into this country.The only thing that remains to be done is that your friend should advise her bank that this money is due to arrive in the UK, as they may need to carry out some checks on this lump sum.Let me know if I can be of any further assistance or it would be appreciated if you would rate the level of service I have provided you today (or click accept) ThanksSam
Customer: replied 1 year ago.

Thank you. Can you also answer the second question please. This is completely separate to the property one.

If she is receiving money as a gift from her family living abroad, does she have to pay tax on that sum.

Thank you,

Mustafa

Expert:  Sam replied 1 year ago.
Hi Thanks for your further question I assume this a different lump sum - and gifts are never liable for tax on the recipient - so again just an alert to the bank that this amount will be arriving.ThanksSam
Sam, Accountant
Category: Tax
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Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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