I am in the proceeds of selling a property in Dubai, and am in the UK at the moment. The problems I have or need answers to are

1. I will now get a massive lump sum into my account in the UK , surely this will make the Tax Man think , oh hello mate wots this ?

2. The money will be in AED , what’s the best way of getting this into pounds if they send it in AED and I get my bank to change it I will loose so much money etc.


My thoughts on this were

Get an offshore account , with a bank like HSBC , get the money in dollars , so its pegged to the rate etc then think about what to do but not sure what to do after this. The amount is about £30K and the profit is half of this.

Dosen't matter where the money is, Tax is still payable even if in an offshore account. I would keep the money in a AED account for now and make sure you note down all the costs since you bought the property. All flights, snagging trips, ariport parking, taxis, buying fees, selling fees, phone calls to agents etc etc and reduce the amout of Tax payable.

BTW If the profit is only half of the 30k then it will be within your's and your partner's (if you have one) Capital gains allowance assuming you haven't made any agains already this year.

Ok i bought this with my brother and my freind so whay does this mean we are now splitting the profit 3 ways , so that must help us avoid tax , so it offshore a waste of time then.

I dont have an AED account thats the problem

And i need some of the money now.

I am no tax expert but If your capital gain is less than £8800.00 each and you have no other realised capital gains in the year then there will be no income tax due, but you should still declare the profit in a tax return.
There an many on here that are very good with tax law, I am sure they will correct me if I am wrong.

get the sale paid into an account in the UAE [or if it is through a holding corp, in that nation] then transfer it back the uk at a rate less then the capital gains threshold into your individual accounts

ok my problem is , no UAE account, I tried HSBC a few months ago but they got my name , my address etc all wrong , typos galore when i wrote to them
called them to sort it out they didnt. i think they closed the account cus i didnt transfer funds but i couldnt because my name was wrong.

Henve i thought offshore account - in dolloars , keep money there , dollars means wont lose any on rate fluctuatuions because it is pegged to AED (right?) , then transfer out of there below threshold.