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I am a UK resident.
My query is around selling a property in Spain, converting the euros from the sale to GB pounds and transferring them to my bank in the UK.
What is the best way to do this to minimise my fees and therefore maximise the pounds paid into my UK bank?
Will my proceeds from my sale be liable for tax by HMRC in the UK?
Posted: Wed Apr 5, 2023 7:28pm
Very helpful member
You pay Capital Gains Tax when you ‘dispose of’ overseas property if you’re resident in the UK.(If made a gain) Link below.
'Wise' most popular low cost way to transfer money. .
https://www.gov.uk/tax-sell-property/selling-overseas-property
Posted: Wed Apr 12, 2023 10:20am
Jeffers wrote on Wed Apr 5, 2023 9:52am:
I am a UK resident.
My query is around selling a property in Spain, converting the euros from the sale to GB pounds and transferring them to my bank in the UK.
Read more...
What is the best way to do this to minimise my fees and therefore maximise the pounds paid into my UK bank?
Will my proceeds from my sale be liable for tax by HMRC in the UK?
I use revolute to transfer money from the UK into Euro and would use it if transferring it back
Look into the monthly fees to see whats suitable. You are not committed for any length of time so can stop and start as you please
Hooch wrote on Wed Apr 12, 2023 10:20am:
I use revolute to transfer money from the UK into Euro and would use it if transferring it back
Look into the monthly fees to see whats suitable. You are not committed for any length of time so can stop and start as you please
Wise is a bit cheaper, but watch out for Revolut as they charge more at. weekends! For large amounts to convert shop around as other Fx firms are cheaper than both these. When I sold you also get the 3% withheld amount 2-4 months after the sale.
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Posted: Wed Apr 12, 2023 12:23pm
Porton77 wrote on Wed Apr 12, 2023 12:13pm:
Wise is a bit cheaper, but watch out for Revolut as they charge more at. weekends! For large amounts to convert shop around as other Fx firms are cheaper than both these. When I sold you also get the 3% withheld amount 2-4 months after the sale.
Did you have to pay UK tax on the profit from your sale?
Posted: Wed Apr 12, 2023 12:28pm
Porton77 wrote on Wed Apr 12, 2023 12:13pm:
Wise is a bit cheaper, but watch out for Revolut as they charge more at. weekends! For large amounts to convert shop around as other Fx firms are cheaper than both these. When I sold you also get the 3% withheld amount 2-4 months after the sale.
When I was transferring from the UK to euros, I could not find it cheaper than revolute
The guy from one of the big firms that kept phoning me was not surprised and said he used revolute too
I think if you pay a monthly fee (mind you can do this for one month) you don't pay a weekend fee.
I will look into wise, but i like how easy revolute is. Thanks for the info
Jeffers wrote on Wed Apr 12, 2023 12:23pm:
Did you have to pay UK tax on the profit from your sale?
With 20% buying and selling costs plus the running costs and improvements made, no profit….
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