Tax implications of US to UK wire transfer?

Hi All

I recently sent a wire transfer from my US bank account to my husband's UK bank account of 18,000USD (10,700pounds). We both live in the UK (I'm here on a spouse visa and he's a UKC). I completed this transfer to clear out the rest of my savings in my US bank account so that when I go to the states next month I can close the account.

I'm having trouble figuring out how this affects my taxes in the US and his taxes in the UK. Are either of us subject to gift taxes in the US or UK? Do I need to file anything with the IRS regarding the transfer? Any help would be really appreciated! Thank you

There are no tax implications transferring money either way, see this link:
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

Your only concern is if you have signature authority on your husband's account. If you do, since the balance has exceeded $10K, then you will need to file a FBAR.

FBAR is an annual Treasury reporting form; not filed with a tax return and has no tax implications. See: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR 

BTW - pay no attention to the 'small businesses & self-employed' - just scroll down to the "who must file" section.

Awesome thank you for linking me to that - can't believe I didn't come across this page earlier when I was on the website. Thanks again

Vadio thanks for that - I don't have authority on his accounts so I won't need to file an FBAR on it. We have one shared account but it's never gone above the threshold for the FBAR so I haven't filed one. I may file it next year for the joint account just to be on the safe side.

If you are electing to be taxed on the remittance basis, the interest on the US savings account will have been remitted to the UK so you might owe tax on the interest.

If you are on the arising basis the interest would already be potentially taxable but subject to the £2,000 exemption.