Am I liable for tax or revenue hassle?

M

molly mcnama

Guest
I am about to receive approx stg£25,000 as repayment on an old debt from UK, the payments will be in different dimensions. I am due to re-pay my parents approx stg£15,000. Any advice on the best way of lodging / depositing this money to avoid being charged for it. I have a building society current account and 2 credit union accounts.
 
molly mcnama said:
I am about to receive approx stg£25,000 as repayment on an old debt from UK, the payments will be in different dimensions. I am due to re-pay my parents approx stg£15,000. Any advice on the best way of lodging / depositing this money to avoid being charged for it. I have a building society current account and 2 credit union accounts.
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Who is going to charge you for it and why... if you've nothing to hide then you've nothing to fear ie if its legal money (tax paid etc)

When I came home from the UK I brought about 50,000 GBP - not cash obvisiously.. I know people who sold their houses (PPR) in the UK and tranferred the funds straight over - no issues AFAIK.
 
if its repayment of an old debt from the uk and the repayment does not include interest then there is no income, and no problem.
 
If you are amenable to giving out 0% loans then I know one or two people who might be interested! :D
 
thanks for that, what i meant was, i heard that if you lodge more that €10,000 at a time to any account here, you may be liable for tax??
 
Lodging a large amount has no tax implications in itself. If there are outstanding tax liabilities then they remain whether the money is lodged or not. I think you might be confusing this with the fact that certain large transactions are subject to . In most cases this is just a formality. If there is nothing dodgy about the money then there is nothing to worry about in this respect.
 
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