How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Adam Hunt Your Own Question
Adam Hunt
Adam Hunt, Accountant
Category: Finance
Satisfied Customers: 453
Experience:  FCCA, FFA, FFTA
Type Your Finance Question Here...
Adam Hunt is online now

I'm an Italian national, UK resident / domiciled since 2014,

This answer was rated:

Hi ! I'm an Italian national, UK resident / domiciled since 2014, on permanent employment in the UK. I'm in the process of buying a property in London. For this purpose I'd like to transfer some funds i.e. ca. 200K Euros that have been sitting idle on my Italian bank account, into the UK to out down as deposit. Will I be liable to pay taxes on the funds I'd be moving from Ita to the UK? Many thanks!
JA: Have you talked to a financial professional about this?
Customer: not really, should I talk to one , you'd suggest ?
JA: Anything else you want the Accountant to know before I connect you?
Customer: this is all

Hi I am one of the experts. If this money is sitting as your savings in Italy and so it is already taxed in Italy in the past at some point then I do not see any tax payable now in the UK. Income tax is about income, if there is no income then there is no Tax.

Hope I have answered your question?

Adam Hunt and other Finance Specialists are ready to help you
Customer: replied 1 year ago.
Hi Adam - Thank you very much. You did indeed. I can conform the money is indeed to do with savings and it had already been duly taxed. Thanks again for getting back to me. alex