Taking advantage of Brexit Exchange Rates

Money Transfer brexit money-transfer 3654 times3 answers1 follower
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Dan 70 Rep. elliemartin1 edited question

I have savings with my UAE based bank but I’m keen to take advantage of the Lower pounds vs the Dirham.

I dont want to pay tax so could someone confirm if that will happen? If so how do I avoid it?

Also, I want to make sure I pay the least amount of fees and avoid losing on the exchange, anyone have a contact or experience in this?

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jonathan 315 Rep. jonathan edited answer

If you are resident in the UAE then, by definition, you are not UK resident for tax purposes – so there are no taxes to pay.

There are a whole range of money transfer companies available in the UAE – the best thing to do is to shop around online.

Be careful about trying to take a short term advantage of FX rates – if you plan to send the funds to the UK and leave them there that’s one thing. But if you’re planning to move them now to get a good deal and move them back later when the GBP recovers then you could well end up losing out – FX trading isn’t something to be dabbled in.

    1
    Jon Richards 917 Rep. Jon Richards answered

    But what happens when you want to return home? Will you have to pay tax then?

      0
      jonathan 315 Rep. jonathan answered

      If you return home permanently then you would NOT have to pay any tax on the transfer itself. You would, however, be liable for taxes on any income (meaning interest) that you make on the funds.

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