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Adam Hunt
Adam Hunt, Accountant
Category: Finance
Satisfied Customers: 453
Experience:  FCCA, FFA, FFTA
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I'm an Italian national, UK resident / domiciled since 2014,

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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?

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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