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UK Bank / savings question?
I have lived in the US for 4 years and last year sold my UK property. The property was a rental property which I declared each year on my US tax return as well as the Capital Gains from the sale, which I paid to the IRS on this years return.
As I was here my parents conducted the sale on my behalf and the payment was made directly into their account. I would like this money to be in my own account and would like some advice? I only have a UK NatWest current account and as i don't need the money at the moment would like to keep it in the UK due to the terrible exchange rate. Is there a higher interest account I can open in the UK (can be with NatWest), while being resident in the US and other than the FBAR has no other tax/legal implications? As a non UK resident what are my options? I know this will fall into my gift / inheritance tax threshold too. Thank you! |
Re: UK Bank / savings question?
Originally Posted by Nivla_
(Post 12719610)
I have lived in the US for 4 years and last year sold my UK property. The property was a rental property which I declared each year on my US tax return as well as the Capital Gains from the sale, which I paid to the IRS on this years return.
As I was here my parents conducted the sale on my behalf and the payment was made directly into their account. I would like this money to be in my own account and would like some advice? I only have a UK NatWest current account and as i don't need the money at the moment would like to keep it in the UK due to the terrible exchange rate. Is there a higher interest account I can open in the UK (can be with NatWest), while being resident in the US and other than the FBAR has no other tax/legal implications? As a non UK resident what are my options? I know this will fall into my gift / inheritance tax threshold too. Thank you! |
Re: UK Bank / savings question?
Originally Posted by Nivla_
(Post 12719610)
I have lived in the US for 4 years and last year sold my UK property. The property was a rental property which I declared each year on my US tax return as well as the Capital Gains from the sale, which I paid to the IRS on this years return.
As I was here my parents conducted the sale on my behalf and the payment was made directly into their account. I would like this money to be in my own account and would like some advice? I only have a UK NatWest current account and as i don't need the money at the moment would like to keep it in the UK due to the terrible exchange rate. Is there a higher interest account I can open in the UK (can be with NatWest), while being resident in the US and other than the FBAR has no other tax/legal implications? As a non UK resident what are my options? I know this will fall into my gift / inheritance tax threshold too. Thank you! I would think the money is not subject to any taxes or gift reporting as you say you have already paid capital gains taxes on the sale of the house and it is simply in your parents’ bank at present. |
Re: UK Bank / savings question?
If you think the exchange rate is bad now, wait and see what happens if there really is a no deal Brexit. I have been thinking 1.30 was a bad rate but now we're down to 1.20. What are your plans if the exchange rate goes lower and stats there for a few years?
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Re: UK Bank / savings question?
Originally Posted by mrken30
(Post 12719745)
If you think the exchange rate is bad now, wait and see what happens if there really is a no deal Brexit. I have been thinking 1.30 was a bad rate but now we're down to 1.20. What are your plans if the exchange rate goes lower and stats there for a few years?
I might go and speak to NatWest next time I'm over and see if they offer anything for non-residents. Thanks for all the advice! |
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