Winema Gaven Bowman Offshore Bank Transfer on Offshore transfer | Page 3

A few years later she brings the car to the UK for the use of her and her daughter. At this time the
approximate market resale value of the car is £14,000. However, the amount remitted is still £25,000, i.e.
an amount equal to the chargeable gains from which the property was derived.
HMRC’s example 5 shows the converse. Ali purchases a sculpture in Sweden in 2012/13 for £80,000
using relevant foreign earnings. He gives the sculpture to his wife who keeps it at her mother’s home in
Stockholm.
In 2015/16 Ali’s wife brings the sculpture to the UK. The sculptor has become famous, and the work has
appreciated in value to £120,000.
As a result of Ali’s wife bringing the sculpture from Sweden to the UK, Ali has made a taxable remittance
of £80,000 in 2015/16, i.e. the original amount of foreign income used to purchase the sculpture.