Guys - I’m not trying to evade paying taxes on the income. I need it to all be done legally as I can hardly keep the money at home anyway and will need to deposit it into the bank once I get it to the UK. My main issue is getting it over here with the minimum of transfer fees. If all else fails and I can’t osrt out a bank transfer then I will have to get it sent over via western union in smaller amounts as a last resort and bring some back in cash I guess.
Surely there must be an easier way? I can’t be the only one who’s been in this situation
Guys - I'm not trying to evade paying taxes on the income.
But why should UK claim your money back via tax? Okay so it comes under your yearly income but I don't agree with all these nonsence UK laws as some are so unjust esp' inheritance tax. UK is hungry for money and I just told you to watch out for the tax ppl as they literally smell new money! I know you want to be honest and do everything legally but why should you pay such high fees or give** 25%** of it away to income tax ppl?
Maximum cash you can carry is around 2000 pounds sometimes three thousand when flying overseas. But if airport security esp' in London catch you with even five thousand pounds in cash then they take you away for questioning. People do get away with it but then why should we test our fate like this? Lol.
I like you have been thinking for a long time how to transfer money to UK from Pakistan without having to give 25% of it to tax! I too want to do things legally but no way do UK tax ppl deserve my money.
If I finally find a way that too legally on how to transfer money - will be sure to let you know. Please do tell me if you find a way too. :)
25% tax is on earnings. If you earned extra money from Pak you'd legally pay for that. If you already own the money and have legal source on how u earned it, you can transfer it without any issues.
If you are borrowing money, then there is no issue either (as long as the person transferring has he source of how he got the money), however if the person were to die within 5 yrs you should pay tax on that money as it will be considered as inheritance (I think you pay tax only if it totals above a very large amount which changes every year).
The best source of info is to call Inland revenue/ HMRC.
But why should UK claim your money back via tax? Okay so it comes under your yearly income but I don't agree with all these nonsence UK laws as some are so unjust esp' inheritance tax. UK is hungry for money and I just told you to watch out for the tax ppl as they literally smell new money! I know you want to be honest and do everything legally but why should you pay such high fees or give** 25%** of it away to income tax ppl?
Maximum cash you can carry is around 2000 pounds sometimes three thousand when flying overseas. But if airport security esp' in London catch you with even five thousand pounds in cash then they take you away for questioning. People do get away with it but then why should we test our fate like this? Lol.
I like you have been thinking for a long time how to transfer money to UK from Pakistan without having to give 25% of it to tax! I too want to do things legally but no way do UK tax ppl deserve my money.
If I finally find a way that too legally on how to transfer money - will be sure to let you know. Please do tell me if you find a way too. :)
You sound very clued up on Pak - UK money transfer. I am also looking into how this transfer can be done effectively. Please do let me know when you find a solution.
Has anyone phoned HMRC/ Inland Revenue ??
(Saadi Majesti apay thai tax koi nahi dehndi - par saadi math marai gai hai tax dai dai ke!)
You sound very clued up on pak UK money transfer - I hope you can let us know what is the best and cheapest ansd safest way to do this - when you figure it out.
Very informative thread ! My dad is in same situation as you people, He wants to sell property in pakistan which is on MY name, The question is do I have to go Pakistan, sell property and transfer though a bank account in pakistan ? Or my dad can go on my behalf and manage all that ?
Update:- Today State bank of Pakistan instructed banks to tighten rules for money transfers from Pakistan. The objective is to make it tougher to transfer money OUT of Pakistan; extra checks will be carried out for any amount greater than 1 million rupee.
The restriction is that the banker who you deal with should know you personally.
Aminas you can write power of attorney letter attested from pak embassy send that to your father in pak, and he can do anything on your behalf with the property u dont need to go. someone said hmrc - I called and that is what they told me (see my post on page 1). 1 million rs is 10 lakh . I would think 1crore is something which bank will be more interested in than 10 lakh which is like private tuition at a medium level uni in uk.
Update:- Today State bank of Pakistan instructed banks to tighten rules for money transfers from Pakistan. The objective is to make it tougher to transfer money OUT of Pakistan; extra checks will be carried out for any amount greater than 1 million rupee.
i think our family does it the old school way, they get a relative over here to give us dollars, while the money the relatives would send to other relatives they give via rupees. it works out but definitely nto an option for alot of ppl =||
any money from property bought in pakistan stays in pakistan for us as we don't know how to transfer it to uk. we just re-invest into another property or something.
once we transferred it to america and were charged a huge amount of process fees.
another time we were travelling to uk like 7 of us after my cousins wedding and each of us was carrying so much of an uncles cash. this is one way but it is very risky and you are clutchin your bag tight all the way on the flight!!!! we laugh so much about that story now but at that time we were so scared as if we were doing something wrong! uncle sold some property and wanted to take money to england you see.
about 10,000 pounds
1 crore is like 100,000 pounds
1 kakh is like a thousand pounds
Not with the UK economy a few months ago whent he dollar crashed, now the pound is taking a pounding
Housewife, what was the processing fee like? on amount like $10k, and $20k, I was always charged $16 for incoming wire+ $10intermediate bank commission.
I think the same Saadia, although in my case it was money earnt in pakistan that was invested there. I would never send money from here to invest there - well not after knowing what I know now
Larkiyo! you are all very right. We can go on discussing all the issues in regards to this - believe you me this has been THE ONLY topic of discussion in my household.
BUT we must find a way of getting the money - PLEASE ANYONE LET ME KNOW OF A WAY TO GET MY MONEY TO UK WITHOUT PAYING EXTORTIONATE AMOUNTS OF MONEY !!!!
Actually right now, I'd like to know a way to do it SAFETLY as I'm also worried that if we do go down the route of getting it transferred from a bank account in pak to one here, that the transfer may not even go ahead - apparantely this has happened to people where the bank manager pockets the money (or some of it) leaving the people back in their country having no way of ever recovering the money.
i've just had some amount transferred into my nationwide account via my bro-in-law in Pak, no probs so far and the bank in UK deducted £15. i got him to open up a pounds account and send the money in £s rather than in rupees as hubby instructed, will ask him why. I think it gave us more £s rather than getting it in rupees here and then exchanging or something.
I think the same Saadia, although in my case it was money earnt in pakistan that was invested there. I would never send money from here to invest there - well not after knowing what I know now 