JimDavid1972

$12,000 in charges! No way... i dont think any company would ever charge that amount! Most FX companies have got rid of charges these days, so its more a question of getting the best rate. On 120k, the rate can make a massive difference. I currently use currencies 4 you, as they seem to always offer me the best rates. There is also a website you can use to compare the currency rates... comparethecurrencymarket.com .. they were the ones that made me aware of currencies 4 you, so might be worth checking out!

avanutria

I wonder how long before there is comparethecurrencymeerkat.com...

Peter Newton

US-UK inheritance/estate tax issues are complex... it's like trying to explain the offside rule!

The main issue is determining your domicile which is different from your residence. Definitely not an area for DIYers and best handled by a competent tax-pro.

Wintersong

Awesome information - thanks so much, everyone

I think probably 'gift' is the wrong term since it is intended that the money will be repaid so yep - it's a loan. I know that the amount I will inherit falls below the point at which I would have to pay UK inheritance tax but I guess I need to speak to our tax guy over here to determine what, if anything, would need to be paid to the US govt.

bramble

just had an email off Foremost Currency Group a guy called Callum Wiper, no idea if he is any good, he sent me a report on exchange rates for the last year. Worth a call or email but I think I can't post it on here, so pm me
in case I'm advertising. No tie to them whatsoever.

Ray

http://britishexpats.com/forum/forumdisplay.php?f=129

msi64

When I finish working I get Tax free lump sum which I would like to move to the US when we move.

Its around 70,000 GBP will I have to pay tax on this to get it into the US??
Or can I just transfer it straight across into a US account? I also have a monthly pension of 1300GBP paid into a UK account is it worth keeping it a UK account and drawing it from my UK account as and when or transfering it

JimDavid1972

i transfer my uncles pension from his account in the uk to his account in australia every month. Seems quite simple, just do a simple standing order to the fx company you use, and they will take care of the rest.

msi64

Cool I just didnt want to pay tax twice Once to the UK and then to the US
Being robbed once is enough for me lol

Peter Newton

If you're resident in the US, you're subject to US tax on lump sum pension distributions from the UK, even though the UK doesn't tax such distributions. If you're not resident in the US in the year of distribution, there's no US tax to pay.