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Hoots : Wealth Transfer Tax in UK I am citizen of Turkey. If I transfer my savings to UK, do I need to pay taxes to UK over this wealth transfer? I am not a resident of UK and will not live there. Just want to transfer it to a safer - freshhoot.com

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Wealth Transfer Tax in UK
I am citizen of Turkey. If I transfer my savings to UK, do I need to pay taxes to UK over this wealth transfer?

I am not a resident of UK and will not live there. Just want to transfer it to a safer country.

I live and pay taxes in Turkey


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The UK doesn't tax money transfers themselves at all, either transferring into or out of the UK. You also shouldn't be charged any taxes on any interest on the savings as you won't be resident.

You would probably owe taxes on the interest to Turkey, and under the "Automatic Exchange of Information" rules the UK would probably inform Turkey directly about any interest you received.

There's also only a limited selection of savings accounts available to non-residents.


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