Transferring funds to UK

Question - if a US citizen wants to transfer USD to a UK based USD account - is there any tax implication, either to spouse or to same persons account?

Thanks

Question - if a US citizen wants to transfer USD to a UK based USD account - is there any tax implication, either to spouse or to same persons account?

Thanks

No.  It's already your money and you've already been taxed on it (if it was subject to tax).  Taxes are applied to income, not to your existing funds*.

* Interest on savings, as well as capital gains, are subject to taxation.

Out of curiosity, why do you want a UK-based USD account?  With online banking for remote access, why not leave your USD in the US-based account and manage it from here?  If you're transferring it over, I'd recommend converting it to GBP.  Transferwise will move it and convert it for extremely low cost.

Question - if a US citizen wants to transfer USD to a UK based USD account - is there any tax implication, either to spouse or to same persons account?

Thanks

No tax implications at all in either country whether you do this dollar to dollar or dollars converted to pounds.

No.  It's already your money and you've already been taxed on it (if it was subject to tax).  Taxes are applied to income, not to your existing funds*.

* Interest on savings, as well as capital gains, are subject to taxation.


Out of curiosity, why do you want a UK-based USD account?  With online banking for remote access, why not leave your USD in the US-based account and manage it from here?  If you're transferring it over, I'd recommend converting it to GBP.  Transferwise will move it and convert it for extremely low cost.

Thanks very much. My partner is interested in keeping some USD for the future but may want to have flexibility in converting given the weakness and volatility in the £. Agreed, no real point - just curious how easy to move

Most people have been using Transferwise.....I do as well. Once it is set up...it's pretty easy.

Thanks very much. My partner is interested in keeping some USD for the future but may want to have flexibility in converting given the weakness and volatility in the £. Agreed, no real point - just curious how easy to move

We also have our dollar accounts still in the US and use Transferwise when we want to bring some money over. Couldn't be easier.