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