Taxes question

(Carlos de la barrera ) #1

I’m wondering how taxes will work with this account.
For example if a make a bank transaction from my current account L to my monzo current account do I have to pay taxes for this money?

All the best

(Max Walker) #2

You shouldn’t have to pay taxes on this because you are not transferring the money to another person (so it’s not new income) or to another geographic location, effectively just changing where you keep it (within the UK).

Generally, you will only be taxed on income (new money that you gain, usually from someone else) or potentially money that you transferred from abroad.

(Patrick) #3

If it’s your UK taxed money that you sent abroad and are bringing back with no gains (just exchange rate) then no tax either.

That’s what HMRC told me the other day anyway.