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Topic: US bank account  (Read 807 times)

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US bank account
« on: April 13, 2014, 09:34:55 AM »
Hi folks, hopefully just a relatively quick question for folks out there. I am a US citizen resident in the UK. I have maintained a US bank account. I never touch it or bring money into the UK. I was just wondering if I need to declare this account to HMRC?


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Re: US bank account
« Reply #1 on: April 13, 2014, 12:17:05 PM »
Only the interest is taxable. Money in the account is just money in the account. Any savings etc. that you had before you came to the UK is generally not taxable...unless of course we are talking millions that you remit to the UK ;D

I've maintained an account in the US and will continue to do so. I declare the interest on the 'foreign pages' of my self-assessment. The account is used for personal expenses when I make the annual visit to see family, and will ultimately be used for distributions from my IRA (which will also be taxed here on the arising basis). There's no FBAR equivalent if that's your concern.
Married December 1992 (my 'old flame' whom I first met in the mid-70s)
1st move to UK - 1993 (Letter of Consent granted at British Embassy in Washington DC)
ILR - 1994 (1 year later - no fee way back then!)
Back to US in 2000
Returned to UK July 2011 (Spousal Visa/KOL endorsement)
ILR - September 2011
Application for naturalization submitted July 2014
Approval received 15-10-14; ceremony scheduled for 10 November!
Passport arrived 25 November 2014. Finally done!


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