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Topic: Tax Information Re:Moving to the UK  (Read 745 times)

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Tax Information Re:Moving to the UK
« on: November 04, 2005, 06:07:11 AM »
I am a British Citizen married to an American we have lived in the US for 25years and are not retiring back to the UK. Could someone tell me if we have to pay taxes on the money we take into the UK.We will be selling our house here in the US and transfering the money to the UK to buy another home.


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Re: Tax Information Re:Moving to the UK
« Reply #1 on: November 04, 2005, 06:09:17 AM »
that was supposed to be we are now retiring back to the UK. Sorry about that.


Re: Tax Information Re:Moving to the UK
« Reply #2 on: November 07, 2005, 06:31:54 PM »
You'll have to pay capital gains above some amount (is it $200k now?) on the proceeds from the house in the US,
but then you can transfer it to the UK just like the money in your bank account. Be careful with retirement funds
and make sure you apply for and get all the social security and UK pensions you are entitled to. I'd talk to an
expert in UK/US finance and taxes to get you set up.


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    • British American Tax
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Re: Tax Information Re:Moving to the UK
« Reply #3 on: November 19, 2005, 12:14:06 PM »
You don't owe tax in the UK on the sale of a primary residence, so that chunk of change is not an issue.

For all other cash you have, the set point begins the day you move.  You can take as much $$££ with you as you like with no UK tax consequences.  If, once you have moved, you sell a stock in the US, as a repatriated Brit you will probably be UK domiciled, and thus owe tax on the capital gains in the UK.  It may make sense for you to sell some of your "winners" before you become UK resident.  I recommend a tax-planning session with a dual qualified US/UK tax expert to plan which, if any, assets to divest and the timing of any such divestments.  If you don't have a lot of stocks outside of pensions and IRAs, it's not an issue.
Liz Z i t z o w, EA
British American Tax


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