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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer Question

hello Tony
Submitted: 2 years ago.
Category: UK Tax
Expert:  Tony Tax replied 2 years ago.


Can you tell me what your question is please.

Customer: replied 2 years ago.
Hello Tony I have been given inheritance money abroad by my parents.I need to bring this money to UK. what do i need to do. I am worried the bank will block my transactions ? what paperwork i need ?
Customer: replied 2 years ago.
The sum of money is in excess of 700K.
Customer: replied 2 years ago.
I am expecting to bring that money as an investment in santander bank in UK.
Expert:  Tony Tax replied 2 years ago.


Is this a gift from your parents? Which country is the money in?

Customer: replied 2 years ago.
The money is in INDIA . yes it is inheritance money not gift
Expert:  Tony Tax replied 2 years ago.

How long ago did you inherit from your parents? Are they no longer alive?

Customer: replied 2 years ago.
parent are alive and well. Inheritance has been paid to my account in india
Customer: replied 2 years ago.
Expert:  Tony Tax replied 2 years ago.


I call it a gift if the donor is still alive, an inheritance if they are not. That's why I asked.

UK banks receive money into accounts every day from all over the world for individuals like you and far bigger sums for businesses who have no problems accessing it. The banking system would crash if they held up access to every international bank transfer. What I suggest you do is to tell your bank in advance that you have been given some money by your parents and that you want to transfer it to the UK. Ask them if given the size of the sum, there is anything they need from you. If you could get a letter from your parents telling you that they have made a gift to you of X amount, then you have evidence of the provenance of the money. Different banks have slightly different procedures and I don't pretend to be an expert on international banking. I used to work for a firm that had many Indian business clients based in the UK who had business interests in India and they had no problems transferring money back and forth and I'd be surprised if you had any problems.

I hope this helps but let me know if you have any further questions.

Customer: replied 2 years ago.
I have been told by my accountant that banks like santander and hsbc will find a one off transaction and will alert this as a AML transaction. I approached a business banking manager asking about what paperwork can be submitted to pre clear a transaction. THe business banker told me that there is no provision to pre clear a transaction
Expert:  Tony Tax replied 2 years ago.

The UK banks have money laundering procedures as do banks all over the world and, given that the banking system is used by drug traffickers and terrorists, its hardly surprising. A few years ago. HSBC was fined massively for their lax anti money laundering procedures when dealing with certain countries.

I wasn't suggesting that you will get a pre-transfer clearance. Whenever I answer questions such as this on this site and to be frank its not a tax question I tell people to get a letter from the people who gifted them the money, to tell their bank that they wish to transfer a substantial sum from abroad into their UK account and to ask the bank what else they can do or provide to ensure a smooth transaction. You have to remember that all banks have international transaction codes which are used for such cross border payments so they can be traced back.

Provided that you have an address in the UK and have some history with your bank, I cannot see any problems for you. I have transferred money between the UK and the USA on numerous occasions in the past and I did have to provide ID on the first occasion and periodically thereafter. What I did do, however, is ask the bank what I needed to do. You should do the same. I'm afraid that if your transaction is picked up for a security check, its just bad luck. As you said the banker told you there is "no provision to pre clear a transaction" so ask him what you can do if anything to make things easier.