transferring money to uk

[peecee]

Can anyone tell me the procedure for transferring money back to the uk (apart from going to the bank .  Do you have to inform anyone in the UK (customs, taxman etc) Not quite sure how to proceed.  Many thanks

[KKOB]

Warning! This is NOT spam and should be ignored at your peril.

Give me all your bank details, including your password, date of birth and home address and you'll never have to worry about the money again.

Your Dear Friend in God, Sir Colonel Barrister Doctor Reverend Ngale Besoto closest relative to the King of Mgeto (deceased).

[Ovacikpeedoff]

Just send it to your bank account. You do not have to declare it to anyone. Your bank will have an obligation to inform the authorities if they have any suspicions that there are potential money laundering implications.

If it is money say from the sale of property or some major asset retain some documentation to show the origin of the cash.

[peecee]

KKOB:D:D

OvacikPD, it is going to be quite a large amount of money and the bank will probably have to tell Govt.  Think I'm worried about the tax implications.  Would be incredibly teed off if they decided to tax me:-\
Not quite sure about the regulations regarding having a UK bank a/c if living abroad as well.  On the bank internet it says 'only for UK residents'?

[Ovacikpeedoff]

The bank will only tell if they think it is suspicious. There is no problem living abroad and having a UK bank account. Most Expats still have UK bank accounts. The term resident is a very technical term when it comes to tax. You do not have to live in the UK to be classified as resident for tax purposes.

It is very difficult to give you any advice because very much is determined by your own financial position and where the money comes from. If you are a non resident for UK tax purposes and it was from the sale of a property in Turkey you probably would not have a capital gain as the gain would have been in Turkey.

Do you pay UK tax?

I take it the money is legitimate and not from some money laundering scam. If it is you should have nothing to worry about.

It is very difficult to give an opinion on you just saying it is a large sum of money. As I said earlier the source of the money and your own personal financial position are key to deciding any tax liability.

On the transfer form that you will complete at the bank and there is a space that you can use to explain where the funds come from. All I did was put proceeds from the sale of our property. The bank will look at the history of your bank account.

Sorry I cannot be of more help.If you are that worried there is a web site where you can ask an expert a question and they will get back to you within a day. It costs about 22GBP. If you use this service you must give them all the details.

[peecee]

Thank you very much, Ovacikpo, you have set my mind at ease.