Harki
Sorry, I wasn't clear, I mean would I need to declare it here to the authorities and would I be liable for tax?
KeithL
Ask them to wire transfer the money to your bank account
Harki
Hi, I bought a property here in IC as an investment 2 years ago, all my payments have been made up to date, so I own the property outright. The thing is, I have sold the property now making a small profit on it. How do I transfer the money back to the UK? The selling agents have the money in their client account in Dubai. (I am a UK citizen living in the UK) Someone please advice.
gezza
surely you should be asking the Bank and not randomers on a message board?
gezza
sorry mate.
no idea.
just say nothing and stick it in the bank!! :shock:
Concord
- Harki wrote:
Hi, I bought a property here in IC as an investment 2 years ago, all my payments have been made up to date, so I own the property outright. The thing is, I have sold the property now making a small profit on it. How do I transfer the money back to the UK? The selling agents have the money in their client account in Dubai. (I am a UK citizen living in the UK) Someone please advice.
Hard to believe,
But here is what you do. I'll pm you and give you an account number. You then send me the money. I will take the money out of the bank put it in my suitcase and deliver it to the UK. I will deduct the cost of the ticket.
p.s. you mean you figure out how to buy property, how to sell it, how to realize a profit and can't figure out how to transfer it to the UK. I believe they have computers and electricity there - as well as banks.
Unless what you are asking is "how do I hide money" - then Sage's your man.
arniegang
You can ask the bank to issue a cheque to you in Sterling or they can do a transfer direct into your UK account.
Remember that the rate against the Dirham is really high at the moment thus giving you less pounds to the DHM.
If you haven't got a UAE Bank account, the agents bank can do the transfer for you or issue you with a sterling cheque, but they will prob charge you for this more than if you had a UAE bank account.
sage & onion
Although my name hase been mentioned, I have absolutely no idea regarding the tax laws of the UK, Arnie is probably the one to advise.
arniegang
OK your tax situation is as follows.
As you are for tax purposes resident in the UK, then any income you bring into the UK is therefore subject to tax.
It will also be considered a "capital gain" because the profit was not from your sole residence and therefore will be taxed @ 40 %.
Chocoholic
40%!!! OMG, I knew there was a good reason I moved to a tax free country - hope it stays that way.
What if you move the cash to an offshore account Arnie?
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arniegang
The revenue now consideres all offshore accounts for those "resident" in the UK are taxable, this includes the Isle of Man, Jersey and Guernsey etc.
Yup 40% is the top rate of tax that some of us have to pay here Chocs. Not forgetting the additional 11% national insurance contributions.
:cry:
sage & onion
- arniegang wrote:
The revenue now consideres all offshore accounts for those "resident" in the UK are taxable, this includes the Isle of Man, Jersey and Guernsey etc.
Yup 40% is the top rate of tax that some of us have to pay here Chocs. Not forgetting the additional 11% national insurance contributions.
:cry:
Can't do enough for a good country m8 :shock:
arniegang
Its the reason why we are selling up our assets and business Sage - even my fekin savings and deposits interest are taxed @ 40 %
:twisted: :twisted:
benwj
Can't he just say that if was a christmas present from the sheik?
sage & onion
- benwj wrote:
Can't he just say that if was a christmas present from the sheik?
:lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:
Saying and believing are two vastly different things.
dbxsoul
- arniegang wrote:
The revenue now consideres all offshore accounts for those "resident" in the UK are taxable , this includes the Isle of Man, Jersey and Guernsey etc.
Yup 40% is the top rate of tax that some of us have to pay here Chocs. Not forgetting the additional 11% national insurance contributions.
:cry:
what about in the case with expats, who hold dual residency, or residency outside of the uk? not that this matters in my case, but just curious.
arniegang
Unlike the Americans soul, British expats are exempt from any form of taxation in the UK so long as they spend 186 days out of the UK.
dbxsoul
okay, say for arguments sake that someone was resident out of the country for two years, and sold his/ her property during that period, would it still be taxed as if he/ she were resident in the uk?
same applies to their bank accounts, if hey had say, an NBD account into which their earnings were placed how would the uk receiver know about them, or are you compelled to disclose all your earnings even if non-resident in the uk?
just academic though, just for my own interest.
arniegang
- dbxsoul wrote:
okay, say for arguments sake that someone was resident out of the country for two years, and sold his/ her property during that period, would it still be taxed as if he/ she were resident in the uk?
same applies to their bank accounts, if hey had say, an NBD account into which their earnings were placed how would the uk receiver know about them, or are you compelled to disclose all your earnings even if non-resident in the uk?
just academic though, just for my own interest.
In your case Soul, none of the above would qualify you to pay tax in the UK. In effect you would be able to return (god forbid) totally exempt with all your assets/income/savings tax free.
Even if you owned a car or boat for example, as they were your possessions whilst you were non resident for tax purposes you could bring them back into the UK free of tax/VAT.