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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Can anybody help me. My daughter who lives in Dubai is planning

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Can anybody help me. My daughter who lives in Dubai is planning to come back to England in 2016. She will have about £60 / 70k in her Dubai Bank account after selling her assets after having lived there for 25 years. In addition she will have about £150k in her pension fund. The question is what if any tax liability will she have bringing this money into England and are there any limits as to bringing money into the country.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Your daughter won't have to pay any UK tax on the £60 to 70K she has saved when she returns to the UK. If she puts it into an interest paying account or invests it in income producing assets, she will pay tax on the income and capital gains subject to allowances and exemptions. As for the pension fund, there won't be any tax to pay on that until she decides to draw on it. She should consider seeing an independent financial adviser to explore her options. If the pension is a non-UK plan, she will be liable to UK tax on 90% of the income it provides her with. There are no limits to the amount of money which can be brought into the UK but your daughter should inform her UK bank in advance of any large incoming cash transfers from abroad to avoid triggering money laundering alerts. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15847
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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