tax for Money send to the husband account
Hi
I just moved to the US to work from UK last year and my husband lives in the UK. I want to transfer my money to my husband to support his living and also avoid to report Fbar next year in the US. 1. Is there any tax for me or my husband for the money transfer between us? 2, Do I or my husband have to declare the money to HMRC? I search online and it said that if my husband lives in the UK, I can transfer as much as I want to him and there are not any tax behind it. 3. May I understand it like both my husband and I do not have to pay any tax on money transfer and both my husband and I do not need to declare anything to hmrc, correct? 4. Based on the current rule, does it mean he can only transfer 3000 gbp to me every year without declaring it because I live in the US? Thanks, Helen |
Re: tax for Money send to the husband account
Transfers between spouses are not taxable in either the US or UK, and even the rules on gifts and "potentially exempt transfers" (UK tax rule on gifts) do not apply. So you can move money between your accounts and those of your husband, back and forth, whenever you like and as often as you like, with neither tax nor reporting consequences.
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Re: tax for Money send to the husband account
Originally Posted by Pulaski
(Post 13220577)
Transfers between spouses are not taxable in either the US or UK, and even the rules on gifts and "potentially exempt transfers" (UK tax rule on gifts) do not apply. So you can move money between your accounts and those of your husband, back and forth, whenever you like and as often as you like, with neither tax nor reporting consequences.
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Re: tax for Money send to the husband account
Originally Posted by Pulaski
(Post 13220577)
Transfers between spouses are not taxable in either the US or UK, and even the rules on gifts and "potentially exempt transfers" (UK tax rule on gifts) do not apply. So you can move money between your accounts and those of your husband, back and forth, whenever you like and as often as you like, with neither tax nor reporting consequences.
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Re: tax for Money send to the husband account
Originally Posted by durham_lad
(Post 13220590)
That is also my understanding.
Helen |
Re: tax for Money send to the husband account
Originally Posted by Pulaski
(Post 13220577)
Transfers between spouses are not taxable in either the US or UK, and even the rules on gifts and "potentially exempt transfers" (UK tax rule on gifts) do not apply. So you can move money between your accounts and those of your husband, back and forth, whenever you like and as often as you like, with neither tax nor reporting consequences.
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Re: tax for Money send to the husband account
Originally Posted by Helen1234
(Post 13224248)
Sorry for one extra stupid question. I assume no tax and report requirements for unlimit money transfer between spouses are not only limit to transfer between US bank accounts and between UK bank accounts but also between UK and US bank accounts, right?
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Re: tax for Money send to the husband account
Originally Posted by Pulaski
(Post 13224258)
Yes, you are correct. Transfers between spouses, have no tax consequences either in the US or UK no matter where the sending and receiving banks are, US, UK, one of each, or if one, the other, or both are in other countries, such as Switzerland, the Cayman Islands, etc.
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Re: tax for Money send to the husband account
Originally Posted by Helen1234
(Post 13224259)
I assume there are no reporting requirement as well and this is suitable for both UK and US tax laws, right?
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Re: tax for Money send to the husband account
Originally Posted by Pulaski
(Post 13224262)
Correct, there are no reporting or disclosure requirements either.
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