Taxes and other costs when receiving money from overseas

 

How to pay tax on foreign earnings

It can often seem complicated to manage foreign assets and money that you have received from abroad. When it comes to tax, there are some rules in place to ensure that you aren’t doubly taxed in both countries; however, the best approach is to speak to a financial advisor about your obligations.

In addition, tax isn’t the only cost when repatriating money from abroad. Management fees, currency transfer costs and the exchange rate will all impact the final amount you receive.

 

Do I have to pay tax on money transferred from overseas to the UK?

There are a number of factors that affect whether you will need to pay tax on money that you wish to transfer to the UK from the overseas account.

These include the nature of the funds themselves, i.e. whether it is an inheritance, proceeds from a property sale or a gift. The tax laws in both countries, the amount being transferred and your residency status will also have a bearing on your tax obligations.

 

An inheritance from abroad

Many of us have global connections, whether they’re family members who have chosen to emigrate or close friends living overseas. If you are in receipt of an inheritance from overseas, it could come in many forms - real estate, money, retirement funds or other financial products.

In addition to solicitor’s fees, the value of the inheritance may be reduced by exchange rates and currency transfer fees. Having to navigate these costs is often the last thing that we want to do during emotionally difficult times. As specialists in foreign exchange, with moneycorp you can transfer your inheritance from abroad with a competitive exchange rate and low transfer fees.

 

Foreign property sale

If you’re selling a property overseas, whether it’s a holiday home or you’re choosing to move back to the UK after living abroad, you will need to transfer the funds received from the sale. Specialist property agents and financial advisors can provide guidance on the cost of fees and taxes.

We can help you make the most of the currency you receive from your property sale, by offering great rates and low transfer fees.

 

Repatriating a foreign currency

If you’ve been living and working abroad, then you may have funds in an overseas bank account that you wish to return to the UK. You could send automated regular payments back to the UK from your salary each month or each quarter, or send savings back in a lump sum if you decide to move back to the UK at some point.

As well as great rates and low transfer fees, we can make the process simple with a secure online account and convenient mobile app, as well as a range of tools to help you make the most of your money from overseas.

Whatever the reason you need to send money back to the UK, we can help you manage the costs and provide an efficient, expert service with currency exchange market guidance and support throughout the process.

 

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