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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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Could you help with tax advice on the following question? I

Resolved Question:

Hello,
Could you help with tax advice on the following question?
I am a UK resident and tax payer. My wife moved to the UK from Venezuela earlier this year after obtaining a marriage visa. She is not currently working and has no income. She wishes to bring money from the sale of her house in Venezuela to the UK. That money will be spent on a home here in the UK. Would she be due to pay any tax on the money as it is brought into the UK? She has no outstanding tax in Venezuela. The amount is around £200k.
Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
Hello,If your wife was not resident in the UK when she sold the property then the proceeds are not taxable to the UK.You have to pay tax on your income when you come to live in the UK. Income includes:wagesbenefitspensionsavings interestThe act of moving money to the UK is not a taxable event. Any interest she earns in the foreign account (savings account) would be taxable to her as a resident in the UK. Residents normally pay UK tax on all their income, whether it’s from the UK or abroad.
Expert:  bigduckontax replied 1 year ago.
You should ensure that the receiving bank in the UK is aware of incoming funds of this magnitude and their source to preclude any money laundering inquiries it might attract.
Expert:  TaxRobin replied 1 year ago.
As the bank information would be needed to transfer form one account to the other, the bank will know of the transfer.
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15332
Experience: International tax
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