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

  • There is no wealth transfer. The term generlal applies when wealth is transferred between ENTITIES without fair (i.e. equal value) counter transaction (i.e. I give you x wealth, you give me something worth x). – TomTom Aug 16 '18 at 5:02
  • How do you intend to transfer ? Most banks would ask you to prove the source of the funds so be prepared with the paperwork. – DumbCoder Aug 16 '18 at 8:05
  • @TomTom so what is the correct term to transfer say 100.000 pounds from Turkey to UK? – Roser Aug 16 '18 at 8:56
  • @DumbCoder there are banks that operate in Turkey and UK. So they can check the accounts. I can provide the paper works too. – Roser Aug 16 '18 at 8:58
  • @Roser - you are very simply "making a transfer" or "sending a wire". You should edit your question to read something like: "Tax on sending a wire from Turkey to UK?" – Fattie Aug 16 '18 at 11:35

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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