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.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6521
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

I trust you are well I have a quick question about a money

This answer was rated:

Hello Pearl I trust you are well I have a quick question about a money transfer into a UK bank account from Greece Would you be able to help me please?
JA: Have you talked to a tax professional about this?
Customer: Not yet, I was hoping to get some insight from you before going in for that
JA: Anything else you want the Accountant to know before I connect you?
Customer: Not sure what is relevant to my question really.. Anything you think I should clarify?

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

The UK has no Exchange Controls. The only thing I would advise is that you warn the UK bank of incoming funds and their source to preclude any money laundering iquiry a large transfer might otherwise attract.

Customer: replied 10 days ago.
Thank you very much. Would the amount be taxed? We are talking for a figure between 50and 100K, transferred from a family member.
Customer: replied 10 days ago.
thank you for that. I cannot talk over the phone now. If you could please let me know if there is any tax to be paid on that i would be grateful. Thank you very much

No, not at all. In any event the UK has no Gifts Tax regime. As I said just warn the UK bank.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 10 days ago.
Of course. So no problem foreseen, just notifying the bank should suffice. I will rate you as requested. Thank you very much for your help.

Delighted to have been of assistance.

Thank you for your support.