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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If I transfer £50,000 per annum from my UK bank

Resolved Question:

If I transfer for example £50,000 per annum from my UK bank current account to my bank account in Thailand (where I am resident for ten months per year), what would be be my UK tax liability? My income is under the tax threshold in the UK and I pay no tax in Thailand.
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. You won't incur any UK tax liabilities if you transfer any sum of money from the UK to another country. You pay Income Tax on income and Capital Gains Tax on gains, not on transfers of capital abroad. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
Thanks for the prompt reply. If the £50,000 is transferred to my UK account from my mothers UK account before being transferred to Thailand, how does this affect her tax liability as far as gifts and IHT are concerned? Many thanks.
Expert:  TonyTax replied 1 year ago.
If it is a gift, then so long as your mother lives for seven years after making it, its value will not form part of her estate for IHT purposes. After three years, any potential IHT liability begins to taper away as you will see here. If there is an IHT liability, it will normally be settled from the deceased estate assets.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15835
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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