tax for Money send to the husband account
Oct 9th 2023, 10:14 am
#1
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Joined: Feb 2023
Posts: 96
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
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
Oct 9th 2023, 1:25 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
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.
Last edited by Pulaski; Oct 9th 2023 at 1:28 pm.
Oct 9th 2023, 3:56 pm
#3
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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.
Oct 9th 2023, 4:58 pm
#4
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Joined: Feb 2023
Posts: 96
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.
Nov 1st 2023, 7:15 pm
#6
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Joined: Feb 2023
Posts: 96
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.
Nov 1st 2023, 8:35 pm
#7
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: tax for Money send to the husband account
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 (either direction), or if one, the other, or both are in other countries, such as Switzerland, the Cayman Islands, etc.
Last edited by Pulaski; Nov 1st 2023 at 8:43 pm.
Nov 1st 2023, 8:41 pm
#8
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Re: tax for Money send to the husband account
many thanks and I assume there are no reporting requirement as well and this is suitable for both UK and US tax laws, right?
Last edited by Helen1234; Nov 1st 2023 at 8:43 pm.
Nov 1st 2023, 8:45 pm
#9
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
