Quote:
Originally Posted by Harki
Hi, I bought a property here in IC as an investment 2 years ago, all my payments have been made up to date, so I own the property outright. The thing is, I have sold the property now making a small profit on it. How do I transfer the money back to the UK? The selling agents have the money in their client account in Dubai. (I am a UK citizen living in the UK) Someone please advice.
|
Harki, this is where u need to thread carefully. The currency market is a place where you could lose upto 5% of that chunk just in transfers. I suggest do it through a profesional money transfer agency rather than any bank. The one i can think of is hifx
Foreign Exchange Specialists | HiFX plc thats their website. They don't have any fees on transfers and generally work on low margins and high turnover.
But, my suggestion would be to keep the money in Dubai for now and convert it into dollars at a fixed rate and deposit it in a high income account for 2 years, that is if you don't need the cash. At the moment dirhams and dollars are very low to the pound, converting into sterling will not only wipe your profit out but it wouldn't surprise me if it makes you a loss from the time you invested your money. Further, you need to account for cgt with the inland revenue and if your property was just in your name you have the benefit of 8500+ or 17k+ if in joint names,with your wife. Anything above that is taxed at 40%, so that will bite into your profits too. Goodluck.