Hello
Guest

Sponsored Links


Topic: Moving money from the US to the UK and possible taxation  (Read 365 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • Posts: 160

  • Liked: 4
  • Joined: Feb 2016
  • Location: London
Moving money from the US to the UK and possible taxation
« on: November 18, 2020, 02:18:29 PM »
If we buy a property, and move money for the deposit from the US, I had been thinking we would not pay UK tax on this money.  But someone on a different message board said we would.  It would be money we earned before we ever moved to the UK, that's already been taxed by the US. Most of it is in Roth IRAs, and there's a reciprocal agreement anyway for those, right?


  • *
  • Posts: 2489

  • Liked: 331
  • Joined: Nov 2012
  • Location: Eee, bah gum.
Re: Moving money from the US to the UK and possible taxation
« Reply #1 on: November 18, 2020, 02:30:00 PM »
If we buy a property, and move money for the deposit from the US, I had been thinking we would not pay UK tax on this money.  But someone on a different message board said we would.  It would be money we earned before we ever moved to the UK, that's already been taxed by the US. Most of it is in Roth IRAs, and there's a reciprocal agreement anyway for those, right?

Correct, you won’t be liable for any taxes when you move money that has already been taxed.  We did similar a few years ago when bought our house, and we move already taxed money , including from a Roth IRA, every year.
Dual USC/UKC living in the UK since May 2016


  • *
  • Posts: 160

  • Liked: 4
  • Joined: Feb 2016
  • Location: London
Re: Moving money from the US to the UK and possible taxation
« Reply #2 on: November 18, 2020, 04:24:50 PM »
Thank you!


Sponsored Links





 

coloured_drab