Repatriating money to the UK, how to avoid questions from HMRC

[Golden Triangle]

Firstly this is all above board, no dodgy transactions involved, just in case anyone thought otherwise.

 

I invested £30 k in a 5 year Quarterly income note and had the income paid into my Thai Bank account.

 

That has now matured and the capital is sitting on my platform account, I'm not interested in re investing, at this stage of my life I feel access to the funds if I should need them is the best course.

 

The money came via a combination of my early retirement, house sale & inheritance.

 

No questions were asked when the funds were withdrawn at the start of the term, now I want to return the capital to my UK bank account but I'm worried that if 30k hits my account in one fell swoop it will attract unwanted interest from the likes of HMRC and others.

 

Is there a way I can move the money securely without arousing too much interest.

 

Thanks in advance for any help, and perhaps I could ask for replies only from those with any knowledge or experience, although you are of course welcome to ignore my request ????

 

 

 

 

 

 

[Kwasaki]

Don't understand what you want unless it's for UK income tax avoidance ask HMRC on-line they won't eat you. 

[Golden Triangle]

1 hour ago, Kwasaki said:

Don't understand what you want unless it's for UK income tax avoidance ask HMRC on-line they won't eat you. 

The original capital was not subject to any UK tax except for the lump sum on my early retirement (the tax on that was obviously paid), the house sale & inheritance are free of any tax obligations, as I said in my OP when the 30k was moved from my UK account to Stanley Morgan branch in the City of London no questions were asked as the money was from my UK account and known to be clean, it still is, but someone told me that moving large sums of money (in excess of 10 k £) will make it subject to scrutiny, I would rather avoid any dealings with officialdom and wondered if anyone here had moved money back to the UK without having to answer lots of questions and jump through hoops, thats all.

 

I understand that figures less than 10 K don't attract attention, I was thinking of moving maybe 5 or 7 k at a time.

Edited June 13, 2019 by Golden Triangle

[HauptmannUK]

From time to time I get payments from China of greater than GBP 10k into my UK current account. Never been asked anything by anybody.

[Kwasaki]

14 hours ago, Golden Triangle said:

I understand that figures less than 10 K don't attract attention, I was thinking of moving maybe 5 or 7 k at a time.

If it's straight money no problem, there a section on the form where you write what the monies for, Bkk bank has a monthly limit amount of what can be sent same as Deemoney from what I understand.

[cabanlit]

Once above the floor limit, the receiving bank WILL have an alarm go off.

 

However, that's just for them to check the authenticity of the transaction.

 

If you provide confirmation that all is kosher, in this instance I suppose proof of a maturing investment, they'll wave it through.

 

Only if they have doubt / lack of proof, will they pass upwards.

[NightSky]

Compared to the amounts that are transferred for Business transactions on a daily basis all over the world 30k is a small transaction.

 

The absolute worst that could happen is it triggers a flag and the bank call you to ask about the origination of the funds to which you would reply ‘repatriation of savings’ and therfore no tax is due.

 

If however you were sending maybe 30k every couple of weeks or so then that might trigger more questioning to which you would need to respond. The banks have a duty to report suspicious activity to the HMRC in the UK however your 30k is small fry to the banks :-)

[Golden Triangle]

34 minutes ago, NightSky said:

Compared to the amounts that are transferred for Business transactions on a daily basis all over the world 30k is a small transaction.

 

The absolute worst that could happen is it triggers a flag and the bank call you to ask about the origination of the funds to which you would reply ‘repatriation of savings’ and therfore no tax is due.

 

If however you were sending maybe 30k every couple of weeks or so then that might trigger more questioning to which you would need to respond. The banks have a duty to report suspicious activity to the HMRC in the UK however your 30k is small fry to the banks :-)

Quite possibly the best answer yet, thanks, maybe I will call my bank and ask them, they can have a look at when the funds left my account 5 years ago and answer some questions for me, and I do realise that in the great scheme of things 30K is not a great amount but for individuals and their banks it maybe seen as unusual.

 

Thanks for your help. 

[RJRS1301]

21 hours ago, Golden Triangle said:

The original capital was not subject to any UK tax except for the lump sum on my early retirement (the tax on that was obviously paid), the house sale & inheritance are free of any tax obligations, as I said in my OP when the 30k was moved from my UK account to Stanley Morgan branch in the City of London no questions were asked as the money was from my UK account and known to be clean, it still is, but someone told me that moving large sums of money (in excess of 10 k £) will make it subject to scrutiny, I would rather avoid any dealings with officialdom and wondered if anyone here had moved money back to the UK without having to answer lots of questions and jump through hoops, thats all.

 

I understand that figures less than 10 K don't attract attention, I was thinking of moving maybe 5 or 7 k at a time.

It is law that all banks, financial institutions must notify regulators of amounts over the country's limits in UK its 10K.

Just have the proof of ownership etc, and all is fine, the remitting institution can place a notation on the transfer documents.

 

[Chongalulu]

1 hour ago, RJRS1301 said:

It is law that all banks, financial institutions must notify regulators of amounts over the country's limits in UK its 10K.

Just have the proof of ownership etc, and all is fine, the remitting institution can place a notation on the transfer documents.

 

You are confusing this with CASH deposits. 

[Golden Triangle]

5 minutes ago, nchuckle said:

You are confusing this with CASH deposits. 

Would an electronic transfer from a financial institution not be classed as cash ?

[wgdanson]

I assume that you do have your Bht 800k in a Thai bank.

[Golden Triangle]

14 minutes ago, wgdanson said:

I assume that you do have your Bht 800k in a Thai bank.

Why would you want to know ? This a totally separate event. 

[Pdavies99]

Don't know for you, but I returned to UK last year after 8 years, repatriating 8 milliom baht, registered with HMRC and no questions were even asked?

[Golden Triangle]

56 minutes ago, Pdavies99 said:

Don't know for you, but I returned to UK last year after 8 years, repatriating 8 milliom baht, registered with HMRC and no questions were even asked?

Thanks for that, I presume (maybe wrongly) that this was for the sale of personal assets, house, cars, etc etc 

 

As I mentioned earlier, the money is clean, it left my UK account 5 + years ago, it went to a big American bank in the City of London, now I wanna put it back in my account but it will be coming from Gibraltar. I don't know if that makes a difference.

 

[Golden Triangle]

22 hours ago, HauptmannUK said:

From time to time I get payments from China of greater than GBP 10k into my UK current account. Never been asked anything by anybody.

Just out of interest what would that be for? Goods supplied or work done, either way with supporting docs not a problem I would have thought.

[partington]

I recently (Nov 2017) repatriated my entire Individual Retirement Account (IRA) accumulated over 12 years working in the US: approximately £213, 000 (GBP).  It was sent from a US bank electronically from an account in my name, directly into an account with a High Street bank in the UK also in my name. (It was all taxed before leaving the US at a massive 30%, but that's another story).

 

Anyway, I was a bit surprised but received no enquiries or questions from my UK bank, HMRC or anyone else. I think electronic transfers from known  international banks from accounts in  your name maybe don't flag up warnings? 

[wgdanson]

11 hours ago, Golden Triangle said:

Why would you want to know ? This a totally separate event. 

I do not want to know, just thinking why you would need to repatriate £30k when you need £20k of it for your extension.

[Pdavies99]

15 hours ago, Golden Triangle said:

Thanks for that, I presume (maybe wrongly) that this was for the sale of personal assets, house, cars, etc etc 

 

As I mentioned earlier, the money is clean, it left my UK account 5 + years ago, it went to a big American bank in the City of London, now I wanna put it back in my account but it will be coming from Gibraltar. I don't know if that makes a difference.

 

I think once I was asked by the bank and I stated I was returning to live In UK and sold my house etc, I wrote also to HMRC and told them I had returned and had returned savings to UK, they wrote back and stated no tax return required at this time.