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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6806
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I trust you are well I have a quick question about a money

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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 3 months 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 3 months 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.

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Customer: replied 3 months 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.