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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7189
Experience:  FCCA FCMA CGMA ACIS
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I am on tier 2 visa and want to bring some cash to uk. Need

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Hi, I am on tier 2 visa and want to bring some cash to uk. Need some advise regarding the tax implications.
JA: Have you talked to a tax professional about this?
Customer: Not yet.
JA: Anything else you want the Accountant to know before I connect you?
Customer: I don't think there is any thing else that might be exceptional.

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

What is the source of this cash?

Customer: replied 6 days ago.
Little background regarding me. I am Australian citizen, now working at a UK university on tier 2 visa. I want to bring some cash to uk. I have the money in my Australian bank account. It was from my past employment income. I pay regular tax in Australia.
Customer: replied 6 days ago.
I moved to UK last February.

This transfer would be outside the scope of UK taxation. Just warn your bank of incoming funds and their source to preclude any money laundering inquiries a large transfer might otherwise attract.

Customer: replied 6 days ago.
My I ask one more question, I have a block of land in Australia, which I will be selling soon. I will be paying the Capital Gain tax in Australia, If I bring money of around $230,000 from the land sell money (after paying tax to australian) will it be still outside the taxation of UK. By law, do I need to report it to HMRC? Thanks.

Yes you will and any gain made will be subject to UK Capital Gains Tax (CGT), but under the double Taxation Treaty between the UK and Oz any tax paid there is allowed as a tax credit against your UK liability. The UK rate of tax would be 10% or 20% or a combination of the two rates dependning on your income including the gain in the tax year of disposal.

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