Sending large sum of money from USA to UK?

[Reed1812 127]

Hello,

 

I am considering sending approx. $50,000 to England to my own UK bank account to pay off my mortgage there.

 

The money was earnt in the USA and taxed accordingly. I would be looking to use WISE as I have done previously with small amounts <$1,000

 

Are there any tax implications I should be aware of?

 

Thanks

 

[Jason Sypsa 0]

11 minutes ago, Reed1812 said:

Hello,

 

I am considering sending approx. $50,000 to England to my own UK bank account to pay off my mortgage there.

 

The money was earnt in the USA and taxed accordingly. I would be looking to use WISE as I have done previously with small amounts <$1,000

 

Are there any tax implications I should be aware of?

 

Thanks

 

There are many factors that would affect the answer to this question... Tax Implications of Transferring Money to the UK (moneytransfercomparison.com)

[Reed1812 127]

14 minutes ago, Jason Sypsa said:

There are many factors that would affect the answer to this question... Tax Implications of Transferring Money to the UK (moneytransfercomparison.com)

Thanks. I have done limited research and tbh I am really confused.

 

I do spend less than the required time in the UK each year to meet the non resident status. However having a home there available to me test confuses me. I think I need to consult with an accountant on this to make sure I dont fall foul of anything...

 

If anyone has any accountant recommendations please inbox me 

[powerpuff 6,723]

~~ Topic moved from Moving to the US forum to Tax & finances during US Immigration ~~

[EatBulaga 316]

5 hours ago, Reed1812 said:

Thanks. I have done limited research and tbh I am really confused.

 

I do spend less than the required time in the UK each year to meet the non resident status. However having a home there available to me test confuses me. I think I need to consult with an accountant on this to make sure I dont fall foul of anything...

 

If anyone has any accountant recommendations please inbox me 

I don't have an accountant recommendation.

But I do recommend that you also file the FinCEN FBAR, which is not related to the IRS tax implications.

FinCEN is Dept of Treasury who tracks the flow of currency.

https://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Not filing the FBAR can result in freezing your overseas accounts.