FBAR

I think my husband and I might have just made a huge mistake...  :-(

My husband sold a house in Balerno which resulted in about £600K into his bank account.   However... the UK government only guarantees £85K if something happens (bank hacked/money stolen/whatever)...  So I opened a couple accounts and he transferred £135K into one and £105K into another one.   I then moved £50K into a NS&I fund for myself....

I've only just read that I have to report money that I have in accounts here??   Do I have to pay tax on £240K???

The limit for FBAR filings is $10k so you are well over that.

No tax to pay no matter how much money you have, it is just a report and is filed easily enough online.

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

That level of money though will probably also trigger FATCA reporting on your next IRS tax return.  Again, no taxes but form forms to be filed for each foreign bank account.
https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers

PS

I know Balerno  well, my wife’s sister has lived there for 30 years and we often visit.

Oh thank goodness....I was having kittens over here thinking I was going to have to pay tax on all that money!!   WHEW.

I only lived in Balerno for about 6 months whilst my husband and I finished renovating a property (the one we sold).... it was beautiful...right at the base of the Pentlands... here's a video of it:

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However... we have since moved to what was his holiday cottage in the highlands and I think it's even more beautiful up here!!!   

All that green space. Bliss! 

An FBAR is not and neve has been a tax return. The sale of a property or repayment of a foreign currency mortgage during 2020 may however result in capital gains tax due in the UK and/or income tax due in the United States.

If your husband is a non-resident alien, the gifts he made to you out of the proceeds will be reported by you to the IRS on Form 3520 in addition naturally to Form 8938.