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Author Topic: Bring money in  (Read 475 times)

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biggriffin

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Bring money in
« on: 16 March 2021, 08:51:46 »

Interesting conversation yesterday with a friend, he's about to inherite, about $75k Australian, and was asking how to get it into the UK, now I said dunno, maybe transfer some to you and wife's pension, minding how much you can with your own contribution, or put it in an ISA, then pay tax on intrest, not the lump..  Then I thought we have a few wealthy individuals on OOF who might have clue... As it's made curious..
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ronnyd

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Re: Bring money in
« Reply #1 on: 16 March 2021, 09:04:48 »

Hope it's not from a Nigerian cousin living in Oz.  ;)
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Rangie

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Re: Bring money in
« Reply #2 on: 16 March 2021, 09:28:08 »

Got relatives in Australia all still alive at present so haven't had any experience, but have had cash transferred from the USA directly into my bank account with no problems.
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Varche

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Re: Bring money in
« Reply #3 on: 16 March 2021, 09:33:42 »

BACS transfer. Plenty of mechanisms for transferring money from one country to another. Watch the exchange rate offered.

The executor (s) organise it at the Australian end by asking beneficiaries for the bank account details you want it to go into.  There maybe tax implications. There would be here in Spain. Even if you had it sent in-bits to different accounts. Taxman here has access to my Uk bank accounts. They spotted I failed to declare £2.40 of uk interest on my 2016 return.....
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biggriffin

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Re: Bring money in
« Reply #4 on: 16 March 2021, 09:40:28 »

BACS transfer. Plenty of mechanisms for transferring money from one country to another. Watch the exchange rate offered.

The executor (s) organise it at the Australian end by asking beneficiaries for the bank account details you want it to go into.  There maybe tax implications. There would be here in Spain. Even if you had it sent in-bits to different accounts. Taxman here has access to my Uk bank accounts. They spotted I failed to declare £2.40 of uk interest on my 2016 return.....

 You tax avoiding criminal.. ;D
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LC0112G

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Re: Bring money in
« Reply #5 on: 16 March 2021, 09:51:08 »

There is no tax for UK tax residents for inherited or gifted money. Whoever is organising things at the Australian end needs to make sure they abide by Oz rules whatever they may be, but basically there is no UK tax to pay (assuming the deceased wasn't UK resident for tax purposes).

Shop around for the best exchange rates and fees. These are unlikely to be the major high street banks. In the past I've used TransferWise to send money direct from UK to Oz bank accounts, but only for hundreds not tens of thousands of GBP.
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STEMO

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Re: Bring money in
« Reply #6 on: 16 March 2021, 11:01:17 »

https://www.thecurrencyshop.com.au/guides/receiving-money-from-overseas
That's for sending money, but it shows that there are no real problems between the two countries.
« Last Edit: 16 March 2021, 11:02:49 by STEMO »
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Varche

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Re: Bring money in
« Reply #7 on: 16 March 2021, 12:45:08 »

BACS transfer. Plenty of mechanisms for transferring money from one country to another. Watch the exchange rate offered.

The executor (s) organise it at the Australian end by asking beneficiaries for the bank account details you want it to go into.  There maybe tax implications. There would be here in Spain. Even if you had it sent in-bits to different accounts. Taxman here has access to my Uk bank accounts. They spotted I failed to declare £2.40 of uk interest on my 2016 return.....

Sadly not a tax avoider as I have been clobbered with a fine . I can contest it but if I did and lost I donít get the 50% discount.

 You tax avoiding criminal.. ;D
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