missmo

Hi all
Whilst banking in Turkey I know that we can fetch a small amount of money from Turkey into UK, I have never done this as never had the need but I know it is ok to do.

I was just wondering what people did having lived out there as we expect to do in the future - if they had all their money in Turkey and wanted to sell their property and move them and their money back home. Is there any restriction on doing this or is there any penalties which have to be paid. I am only wondering what would happen if we moved out there and then wanted to come home having sold a property here we would have to buy another with what money we had.

Thanks all

mo

RIK

Hi Mo. As far as I know,unless it has changed is the following.You can take a maximum of 5000 YTL in cash.The rest you do a Bank Transfer to your UK Bank.Then there are no problems.

Ian

neil cartwright

asked my turkish solicitor the same questions, after 5 years no capital gains in turkey but you will get hit by the uk if you bring the money back in, he said to put it in an offshore account and transfer it back in a bit at a time.

Porterspet

Not sure whats meant by "will get hit in Uk".Surely only the interest on the amount brought back to UK would be taxable?Don't know if thats right or not.
John

Mr Turkey

Hi guys,

You are liable for capital gains and income tax on your worldwide assets, if you are a UK tax resident.

You should declare any interest or money made to HMRC and they will make an assessment. Just because its free of CGT in Turkey doesnt mean that its tax free for the UK !

The Inland revenue recently halted its "amnesty" on offshore bank accounts. These should be disclosed, usual thumping big fines if you don't and get found out.

If it is your money from the UK that you have already paid UK tax on, then returning it should pose no real problems.

Good luck - bit of a mine field. I thought there was no restriction on the amount of cash you could move out of Turkey. Large cash sums require declaration at Customs in the UK however.

MR TURKEY

missmo

Hi all

If we pay tax while the money is in the bank in Turkey and do a bank transfer surely UK couldn't charge us further tax. The offshore accounts are all as far as I know taxed at source now as we have to declare being UK citizens even though we could say we reside in Turkey and I think the tax amount is something like 10% - I know when we put some Euro in an offshore account we paid tax to UK before drawing it and sending it on to Turkey.

I see your point Mr Turkey at the gain from a sale with No CG tax in Turkey but does anyone know if the UK can tax us a CG on something not sold in UK. Does anyone know what the amount is up to before paying Capital Gains in UK. Mr Turkey what is HMRC and forgive my ignorance and thanks for advice.

mo

Porterspet

Hi Mr Turkey,when we left the UK we officially became non uk tax residents and all our records etc are kept by the relevant tax office for non residents.If I transfer a large sum of money back to the UK am I,as a non resident,still liable for tax or not.
My other question,sorry if this goes on a bit,is what if I was a UK tax resident but only wanted the part of the money transfered to remain in the UK with the majority of it being transfered abroad to buy another property in a different country?If we want to sell up and relocate to another country is it therefore better to bypass the UK and transfer any money direct to the country we are buying in?
If this is too much to answer, then please accept my apologies ,but the answer you gave previously has semi thrown my plans.

Mr Turkey

Hi guys,

This drags on a bit, so I have sent you both a Personal Message ! Hope this helps ..... but the best advice will be from a tax specialist or HMRC, so check with them before making any firm plans.

All the best

MR TURKEY.