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UK Bank / savings question?

UK Bank / savings question?

Old Aug 6th 2019, 6:01 pm
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Default 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!
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Old Aug 6th 2019, 6:14 pm
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Default Re: UK Bank / savings question?

Originally Posted by Nivla_ View Post
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!
Because you are resident in the US you will find it very difficult to open a new account in the UK. It may be that NatWest will help, given that they already know you but, looking quickly on line, its seems that you would not get 1%.
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Old Aug 6th 2019, 7:49 pm
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Default Re: UK Bank / savings question?

Originally Posted by Nivla_ View Post
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!
We received inheritances while living in the US and the monies were paid into our UK HSBC account. We were able to open and move the money into one or two HSBC online savings accounts but their other savings accounts were not available to non-residents.

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.
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Old Aug 6th 2019, 10:03 pm
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Default 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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Old Aug 7th 2019, 1:11 pm
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Default Re: UK Bank / savings question?

Originally Posted by mrken30 View Post
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 have no idea. I guess if I need the money I'll have to take the loss but at the moment I'm in a comfortable living situation and not in urgent need for it.

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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