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Topic: Moving money from the US to the UK and possible taxation  (Read 667 times)

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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?


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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


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Re: Moving money from the US to the UK and possible taxation
« Reply #2 on: November 18, 2020, 04:24:50 PM »
Thank you!


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