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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 6630
Experience:  FCCA FCMA CGMA ACIS
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I need to transfer £92,000 from my overseas account in

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Hi, I need to transfer £92,000 from my overseas account in Poland to the UK. I am a permanent UK resident as well as my wife; my wife and I are in a full-time employment in the UK. We sold our home in Poland and wanted to transfer money into the UK account so we can purchase a property here in the UK. Could you please confirm what would be the UK tax implications on this?
JA: When was the property or asset sold?
Customer: It was sold on the 06/05/2019
JA: Anything else you want the Accountant to know before I connect you?
Customer: It was sold in Poland.

The UK has no exchange controls. Just warn your UK bank of the incoming funds and their source to preclude any money laundering inquiries a large transfer might otherwise attract.

Was this Polish house your sole or main domestic residence ie the only one you owned?

Customer: replied 7 days ago.
does it mean that I will not have to pay any capital gains or other tax when the money arrives in the UK?

Was this Polish house your sole or main domestic residence ie the only one you owned?

Customer: replied 7 days ago.
indeed, it was Polish family house (our only property) we owned in Poland. It was not rented to anyone or anything like that.

In that case as far as UK Capital Gains Tax (CGT) is concerned Private Residence Relief (PRR) applies which relieves CGT at 100%. The money will not be subject to UK taxation.

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Customer: replied 7 days ago.
okay, so there is not gonna be any CGT which fantastic. What about any other tax?

Not as far as the UK is concerned.

Customer: replied 7 days ago.
great news, one more question. Do I have to fill in any forms so the Private Residence Relief (PRR) applies and then send it all to HM Revenue & Customs?

None whatsoever, PRR is given automatically.

Customer: replied 7 days ago.
great news, thank you so much

Delighted to have been of assisstance.

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