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Topic: Transferring funds from US bank account to UK bank account  (Read 1267 times)

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Transferring funds from US bank account to UK bank account
« on: April 22, 2009, 05:00:19 PM »
Folks,

I feel great to have discovered this great source of information. Much more detailed and personal than anything else out there.

I have been debating a move to the UK for quite some time, and am getting positive feedback with some UK job offers.
Now that the move seems more real, I am, as usual, looking at the details, and getting worried.
One of my concerns is moving my savings in my US bank account to my wife's (British citizen) bank account.
My questions are:
1) what are the tax implications of this transfer
2) would it be tax advantageous to transfer to my wife's account, v/s I opening up an account of my own in the UK and then transferring the funds into that account.
3) Any good services out there that do not charge an arm and a leg, and hold you hostage for a few weeks while your money takes the scenic route to the UK ?

Your input is highly appreciated.


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Re: Transferring funds from US bank account to UK bank account
« Reply #1 on: April 23, 2009, 12:27:19 PM »
Copies of all current HMRC guidance can be found here.

I ssume that you are familiar with US gift tax reporting on gifts to NRA spouses.


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Re: Transferring funds from US bank account to UK bank account
« Reply #2 on: April 23, 2009, 01:42:42 PM »
Thanks for the update Guya.
However, just wanted to clarify something.
When you mentioned that the guidance is available here, do you mean in the various forums on the website, or was it a url you were trying to attach?
Also, would the gift tax issues prevail if I was transferring to myself ?

thanks again.


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Re: Transferring funds from US bank account to UK bank account
« Reply #3 on: April 23, 2009, 08:31:57 PM »
My sincere apologies for missing the link:

http://www.hmrc.gov.uk/leaflets/c9.htm


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