Transferring Smaller amounts of money UK -> US
Jan 5th 2010, 3:01 pm
#1
Just Joined
Thread Starter
Joined: Jan 2010
Location: Boston
Posts: 4
Transferring Smaller amounts of money UK -> US
OK so this is a similar question to THIS previous thread.
Does anyone know the tax liability of transferring around 20,000 gbp to the US. The cash is coming from the sale of my house back in the UK so does not count as a gift as discussed in the previous thread.
Will it count as income in the UK, US, both or neither?
Any pitfalls to watch out for, or advice would be great.
Cheers
Does anyone know the tax liability of transferring around 20,000 gbp to the US. The cash is coming from the sale of my house back in the UK so does not count as a gift as discussed in the previous thread.
Will it count as income in the UK, US, both or neither?
Any pitfalls to watch out for, or advice would be great.
Cheers
Jan 5th 2010, 4:14 pm
#2
Joined: Apr 2002
Posts: 35,082
Re: Transferring Smaller amounts of money UK -> US
It's not a gift, or income, it's just your own money.
Jan 5th 2010, 4:19 pm
#3
BE Enthusiast
Joined: Feb 2006
Location: Maryland
Posts: 667
Re: Transferring Smaller amounts of money UK -> US
OK so this is a similar question to THIS previous thread.
Does anyone know the tax liability of transferring around 20,000 gbp to the US. The cash is coming from the sale of my house back in the UK so does not count as a gift as discussed in the previous thread.
Will it count as income in the UK, US, both or neither?
Any pitfalls to watch out for, or advice would be great.
Cheers
Does anyone know the tax liability of transferring around 20,000 gbp to the US. The cash is coming from the sale of my house back in the UK so does not count as a gift as discussed in the previous thread.
Will it count as income in the UK, US, both or neither?
Any pitfalls to watch out for, or advice would be great.
Cheers
Jan 5th 2010, 4:54 pm
#5
MODERATOR
Joined: Nov 2006
Location: Hong Kong, mostly.
Posts: 5,214
Re: Transferring Smaller amounts of money UK -> US
You may have to report it, not as part of income (which it isn't) but as part of the money laundering laws. If you bring 10,000 in cash or a cashiers check, the bank will have a form for you to fill out. This doesn't apply to electronic transfers however (though the bank, covered by a different law, may feel the need to file their own report under their guidelines).
This reporting is not a tax thing--just to make sure you aren't a drug dealer.
This reporting is not a tax thing--just to make sure you aren't a drug dealer.
Jan 5th 2010, 6:54 pm
#8
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Transferring Smaller amounts of money UK -> US
xoom.com would be a good one for small sums, but for £20K I'd go with the suggestions in the other thread, xe.com hifx.com etc.
Just need to figure out if you have any capital gains due or not, and what your status in the US is as that might make a difference.
Just need to figure out if you have any capital gains due or not, and what your status in the US is as that might make a difference.
Jan 6th 2010, 3:38 pm
#9
BE Forum Addict
Joined: Feb 2008
Posts: 3,259
Re: Transferring Smaller amounts of money UK -> US
If you lived in that house for 3 out of the last 5 years, and no part of the house was used exclusively for business purposes, then the overwhelming probability is that you don't owe any CGT.
Just transfer the cash using ukforex/xe/hifx and get on with your life.
Just transfer the cash using ukforex/xe/hifx and get on with your life.
Jan 7th 2010, 5:36 pm
#10
Forum Regular
Joined: Apr 2005
Posts: 168
Re: Transferring Smaller amounts of money UK -> US
What would be the situation for a maturing endowment policy ? - in the UK this would have been used to pay off the principal on a house and was tax free - if this transferred to the US is used to pay principle on a primary home here is there any tax liability ?
