# Money transfer to UK, any legal/tax implications?



## kellele2 (10 Nov 2006)

Can anyone point me towards information regarding legal and/or tax aspects of transferring large quantities of Euro (50,000ish) from an Irish to a UK current account?
I have heard that this quantity may attract the attention of the CAB.  Any idea if this is true?
Also, would there be any tax to pay in the UK on this?


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## jpd (10 Nov 2006)

As long as the source of the funds is legit, there should be no legal problems.

If it is a gift to a third person, then the recipient may have a Gift tax liability in the UK and/or in Ireland.


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## colc1 (10 Nov 2006)

I have a similar situation and am just wondering how to go about transferring the money?  Any help much appreciated


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## jpd (10 Nov 2006)

Ask your bank to transfer the funds to the UK account. They will charge a fee for doing this, plus probably currency conversion charges.


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## colc1 (10 Nov 2006)

jpd said:


> Ask your bank to transfer the funds to the UK account. They will charge a fee for doing this, plus probably currency conversion charges.


 
Are we talking a percentage of the amount (I assume so)?  What kind of percentage if so?


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## Abbeykiller (10 Nov 2006)

Should be a set fee and with large amounts they will book a good rate for you . I did this about a year ago using AIB - Can't remember exactly but thought the fee was about €15.


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## colc1 (12 Nov 2006)

thanks very much for all your help guys very useful to me,

C


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## kellele2 (13 Nov 2006)

Thanks from my side too, all answers much appreciated.

Colc1, Permament TSB quoted me 1.5% commission on the forex, with a transaction fee of 10 Euro.


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