Taxes that may affect large-money transfers into the UK | Finder UK

Tax guidelines and regulations for large money transfers into the UK

Your recipient may not need to pay tax, depending on how much you're sending.

Your recipient may avoid taxes on your money transfer to the UK depending on your nationality and where you live.

How the UK regulates large remittances

While the UK doesn’t charge a gift tax, it does impose inheritance taxes on large gifts. Whether your recipient pays taxes on that gift depends on factors that include your nationality, where you live, if you’re sending the money to a charity or political party and if your gift is more than £325,000.

The last point is related to the UK’s inheritance tax laws. Our research suggests that large money transfers may fall under these regulations. But given the complexity of tax laws, talk to a professional to learn whether taxes apply to your situation.

What are the penalties in the UK if my recipient fails to file?

Our research indicates that past due taxes may attract interest if the transfer falls under the UK’s inheritance laws. And those interest rates can fluctuate with the market.

To understand the specific penalties that apply if your recipient fails to file, talk to a tax professional.

Compare providers for your next large transfer into the UK

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Data updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

View details
CentralFX's dedicated team will guide you or your business from first call to final payment.
SpartanFX
24 hours
£0

View details
SpartanFX has fee-free transfers, a best exchange rate guarantee and personalised one-to-one support for every customer.
Currencies Direct
Within an hour
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with no fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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Compare up to 4 providers

How much money can I send to the UK?

While you won’t hit a legal limit when it comes to sending money to the UK, financial institutions and transfer services may cap how much you can send at a time. Digital money specialists like the commission-free XE transfer allow transfers of any amount for select customers, no matter how large.

How can my recipient in the UK get the money?

The UK offers flexible money transfer options. Depending on the transfer company you use, you can set up your transfer for cash pickup, a bank deposit, a deposit to a mobile wallet or an international money order delivery.

Cash pickups may be limited outside of major cities. Read our guide on transferring money to the UK for details on sending and receiving funds.

Bottom line

The UK appears to have only one tax law that could affect your large money transfer – and it may not even apply. Learn more about rates, fees and turnaround to the UK in our comprehensive guide to money transfers.

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