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Selling my house in the Uk

Selling my house in the Uk

Old Mar 21st 2018, 3:06 pm
  #1  
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Default Selling my house in the Uk

Hello,
I hold a green card and am married to an American, here in Chicago. I am selling our apartment in the UK which we have rented out for 8 years or so. It is our only UKproperty and is in joint names. We will receive the moneys in about a month. I want to leave it in a joint savings account in the UK for a year, maybe more. Any suggestions on suitable accounts to look at, where we can have an US address and hold an account in our joint names in the UK.
My sister suggested a tesco savings account?
Any help would be much appreciated.
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Old Mar 21st 2018, 3:39 pm
  #2  
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Default Re: Selling my house in the Uk

Originally Posted by Thomaschicago View Post
Hello,
I hold a green card and am married to an American, here in Chicago. I am selling our apartment in the UK which we have rented out for 8 years or so. It is our only UKproperty and is in joint names. We will receive the moneys in about a month. I want to leave it in a joint savings account in the UK for a year, maybe more. Any suggestions on suitable accounts to look at, where we can have an US address and hold an account in our joint names in the UK.
My sister suggested a tesco savings account?
Any help would be much appreciated.
You will find it extremely difficult (impossible) to open a UK account if your are not a UK resident. An offshore account may be a possibility, but even those are now difficult for US residents to find.
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Old Mar 21st 2018, 9:44 pm
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Default Re: Selling my house in the Uk

You may owe UK CGT on the gain plus more importantly US tax on:
1. The gain in value
2. Recapture of allowable depreciation
3. Foreign currency gain on repaying a UK mortgage.
You'll need cash in US dollars to pay to the IRS.
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