Remittances are an increasingly importance source of development finance and can have a significant positive economic impact in developing countries, particularly low-income countries. That is why the Government welcomed the report of the UK Remittances Working Group, available at:
The Government are engaged in several activities to support remittance flows, including:
developing partnerships with countries such as Bangladesh, Ghana and Nigeria;
establishing an information portal (www.sendmoneyhome. org) on costs, transparency, access and choice of remittance transfers; and
engaging regularly with the private-sector led UK Remittances Task Force which is working to promote increased competition and transparency for consumers and provide better information on the UK remittances market for Government and industry.
There are currently no specific tax measures focused on remittances.