transferring money from Turkey to the UK

[paulcdj]

My parents in law are about to sell their house in Turkey to a UK citizen who lives out there. My question is regarding transferring the money (circa £100k) back to the UK. What is the best way, are there any limits on the amount you can transfer, and is it subject to capital gains tax. 6 years ago they transferred £100k out of their UK Halifax account to buy the house and live out there. But they are now returning. They have made no profit on the house, due to the current financial situation, so I doubt if there woudl be CGT to pay. The buyer has a UK bank account, so would it possibly be best to get here transfer the money from her UK account to theirs directly?

[Buenchico]

You seem to have answered your own questions!

Yes, if there's no gain there can be no tax on any gain.

Yes, it would be far simplest to keep the financial transaction within the UK.

Chris

[buildersmate]

It is far better from an exchange rate point of view to do the transaction in UKP - otherwise it gets transferred into Turkish Lira and back again, losing value each time. I have a family member who recently did the same thing in relation to a property sale in Cyprus. This involved Euros, of course, so was a bit simpler. You will need to take proper advice.