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Forum: USA

Sep 25th 2017, 3:00 pm

Replies: 20

Paying money back to U.K. Bank account from USa

Views: 2,147

Posted By MidAtlantic

Re: Paying money back to U.K. Bank account from USa

There may be FBAR consequences. Depends on whether the transfer takes his combined foreign financial account balances over $10k.

I was answering his question, will there be UK taxes due.

Forum: USA

Sep 25th 2017, 11:33 am

Replies: 20

Paying money back to U.K. Bank account from USa

Views: 2,147

Posted By MidAtlantic

Re: Paying money back to U.K. Bank account from USa

Yes, no problem transferring funds and there are no tax implications. The important thing is to use a money exchange service where you will get a much better rate, rather than a mainstream bank....

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