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Moving assets from UK

Any personal experience of these issues?

post 11.Jan.2013, 03:42 PM
Post #1
Location: Stockholm
Joined: 22.Sep.2011

Anyone have any personal experience of bringing assets here from elsewhere in the EU? Even a recommendation for a good personal tax accountant would be appreciated; Skatterverket are not being helpful (surprised?!) and I want to get this sorted out.

I'm trying to buy a house here. To fund the deposit, I need to...

1) Bring some existing UK savings here. I understand this is not taxable as it was earned (and taxed by HMRC) before I moved here. Unless someone knows different?

2) Sell some shares and bring that money here. I guess I will pay Swedish tax on the profit (less what I pay in UK tax). Is that the profit since I moved, or the profit since I bought them way before I even came here? It's fairly easy to show what they were worth the day I registered here.

3) My family wants to give me a "lump sum" gift towards it. It's under the GBP 10k limit they're allowed to give me in the UK without paying tax on it. What's the deal with that here? Is there a similar allowance for gifts from family? Can I expect to pay tax on that gift?

4) I may want to sell a flat in London to put the proceeds towards it...
a) I hear that if you sell a Swedish property to buy a new one then there is no tax. Do proceeds from foreign (EU) property get the same treatment?
cool.gif If I do have to pay Swedish tax on the profit (less what I pay in UK tax), is that the profit since I moved or all of the profit since I bought it 6 years before I came here?
c) I assume "profit" in this context is calculated as 'sale price' - 'purchase price', rather than 'sale price' - 'mortgage left to pay'?

Thanks in advance for any help.

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post 11.Jan.2013, 03:51 PM
Post #2
Location: Stockholm
Joined: 2.Aug.2011

You pay tax on the total profit, so since the shares were acquired. I think you also have to do proper currency conversion, so you may get screwed or alternatively lucky that way unsure.gif

As far as the gift tax goes, section 3.2.9 here:

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Bender B Rodriquez
post 11.Jan.2013, 03:59 PM
Post #3
Joined: 25.Mar.2006

1. There is no tax on transferring savings. As long as the money is legitimate there will be no issues. (Theoretically, any assets that you exchange from GBP to SEK incur a currency profit/loss, where you use the SEK/GBP rate when the money was acquired as reference, even though no currency exchange was done in practice. However, primarily this is for Swedes who where abroad temporarily, and the rules are completely unenforceable anyway. Since you probably were not Swedish tax resident when the money was acquired you do not really need to care about this.)

2. According to the rule I think it was from the day they were acquired (see above), but I doubt there are any rulings on this since nobody declares that anyway.

3. There is no gift or inheritance tax in Sweden.

4. Yes, you should be able to defer tax from property in the UK when investing in new property. The problem is however that this is only allowed for you main residence and since you live in Sweden it is not your main residence anymore. There is probably some time window in which you can still count you flat as main residence. Profit is sell minus buy price.

I suggest you talk with the guys at http://www.skattepunkten.se/?q=en/node/3 They are very knowledgeable and affordable for individuals. More so than rip-off firms like KMPG etc.
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post 11.Jan.2013, 04:56 PM
Post #4
Location: Stockholm
Joined: 22.Sep.2011

Thanks for the swift replies guys.

The place was my primary residence until mid 2012, so I'll see what I can find out about that.

No gift or inheritance tax at all?... how does one prove that money is a gift or inheritance rather than an income?
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post 11.Jan.2013, 05:01 PM
Post #5
Location: Stockholm
Joined: 30.Nov.2005

for foreign Exchange try a broker like caxtonfx or hifx - can be quite significant when you get to house deposit sized amounts of money
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post 11.Jan.2013, 05:05 PM
Post #6
Location: Stockholm
Joined: 22.Sep.2011

Thanks, I'll look into it.
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post 11.Jan.2013, 05:14 PM
Post #7
Location: United Kingdom
Joined: 11.Feb.2010

QUOTE (PDX @ 11.Jan.2013, 02:51 PM) *
You pay tax on the total profit, so since the shares were acquired. I think you also have to do proper currency conversion, so you may get screwed or alternatively lucky that ... (show full quote)

Just sat and had a quick look at Swedish taxes and I thought what sad bastard of a civil servant sits in a faceless office thinking these taxes up.
This is not a criticism of Swedish tax, we have the same sitting in Whitehall.
Their latest targets are pensioners, want to stop the winter fuel allowance pensioners receive, doh...stupid or what...its the pensioners that make up the largest numbers of voters.

Attached Image
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post 12.Jan.2013, 12:31 PM
Post #8
Location: Stockholm county
Joined: 8.Feb.2011

Just to add to Bender's point about 'legitimacy' of the funds, when I transferred money from UK to Sweden to buy a house, it went into a bank account, just prior to the purchase.

The bank required some documentary evidence of the source of the funds. These 'Money Laundering regulations' can sometimes lead to some tardiness in banks crediting the money to an account.

I called at the bank with the 'source of funds' evidence, just before the transfer to try and speed things up.
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Bender B Rodriquez
post 12.Jan.2013, 07:31 PM
Post #9
Joined: 25.Mar.2006

Yea, as a foreigner the tax authority rarely asks questions about incoming funds, but the banks are required to according to European money laundry laws. Sometimes it is enough to just have an electronic trace for the bank to be satisfied, i.e. the money is wired from a foreign account in your name, other times they may ask for additional details.
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post 12.Jan.2013, 11:11 PM
Post #10
Joined: 7.Jul.2006

WhenI transfereed a large amount of money over, I did it via HSBC who cahrged me I think about £25 and got me a rate very close tot he commercial rate which at the time was 13.7. The only question I had was why I was transferring so much money. Told them I was buying a property and that was it. No questions from the receiving bank etc. I would only use a reputable bank to transfer funds...I,ve heard of people who chose the best offer and the broker went bust and they lost their money. If you're transferring a large amount, I personally wouldn't risk it to save a few thousand...however, HSBC did get me a rate very close to yhe commercial rate, but everything may have changed since the credit crunch as I did it early 2007.

The only thing I would think about is whether you need to do it now. The Swedish currency is hovering around 10.5 to the pound. There's no guarantee, but I suspect it will be weaker in a couple of years time when the uk eventually starts working correctly. However, it's difficult to predict the future. So if you need to do it now, then do it. Just something to consider.
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post 13.Jan.2013, 07:35 AM
Post #11
Joined: 20.Sep.2011

I would get tax advice on both sides of water(or 1 good international), look at putting the London property in a trust, before you sell, various members of your family can then gift you another 10k next year etc.. There are probably other ways to avoid being globbered.

Here - join a rural bank branch, you'll get great service, once they know you have plenty funds. smile.gif
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