UK tax implication of using Revolut to send from one bank account to another

[arjwiz]

Hi,

I’m a UK resident with two Lloyds International offshore bank accounts - one GBP and one USD. I have some USD in my USD account and want to send it to my GBP account. I can do this directly via Lloyds, but they charge a commission. I would like to use Revolut as an intermediary, going from Lloyds USD --> Revolut USD --> Revolut GBP conversion --> Lloyds GBP. I expect to take about one week to complete this process.

Do you think there will be any personal tax implications from HMRC if there is a large sum in my Lloyds GBP account that is coming from RevolutLtd?

[capital]

@arjwiz

Do you think there will be any personal tax implications from HMRC if there is a large sum in my Lloyds GBP account that is coming from RevolutLtd?

This is not tax advice but:

-Revolut is onshore.
-Therefore if you are a non-dom, it may have tax implications.

Have a look at this thread:

Account jurisdiction other than UK?

Where does Revolut hold my funds, i.e., which bank and in which jurisdiction? Is it all in the UK (ex channel islands)? Is it the same for different base currencies (e.g., if I sign up in Germany in EUR, would the account still be in the UK)? Context: I have some funds that I need to keep out of the UK for tax reasons. Am wondering if I can use them with Revolut. Thanks, Martin

[alejandro.mery]

btw, the USD and GBP “shared” IBAN are from Lloyds in London so I would expect the process to be almost instant.