Hi everyone, I wonder if I could get your insight on this. I searched the wiki but I couldn't find anything with my specific situation.
I'm a total finance newbie and am very nervous about this type of stuff, so I'll try my best to explain my situation as well as I can.
I'll be receiving 10,000 GBP soon (around ¥2 million). My grandmother is downsizing and is splitting the money from her house move between the grandchildren.
My dad will be taking the ¥2 million and sending it to my Wise account. My wife says that receiving over ¥1.1million in one year would be subject to tax. Wise also does not allow you to keep more than ¥1.1m in your account. Could I move 1 million from my Wise to my bank account now, and take the second million out next year to avoid having to pay tax on it?
In 2023 I had a similar situation where I had 1.6 million in my Wise account and had to take out some to bring it under 1.1million. In that situation I didn't touch the remaining money in the Wise account until yesterday because I wanted to save it. I didn't incur any taxes then. To be clear I sent ¥800,000 to my bank account in 2023 and then the remaining ¥800,000 in 2025.
It seems like this is the same situation, but I just want to be sure that I won't lose a big chunk of my money to tax.
Thanks in advance!
[EDIT] thank you everyone for your responses, as I thought I need to keep it under 1.1mil. I’ll talk to my dad! Cheers all and have a nice evening.
by FruitWeekly6783