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

#1

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?

#2

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:

#3

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