How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3817
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

My family in the US have suggested I move money to the US to

Customer Question

My family in the US have suggested I move money to the US to take over a commercial mortgage that will yield 6%. What would the tax implications be for me as a UK tax payer?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

As a UK domiciled and resident, which I assume you are, you are liable for taxation on all income world wide. Moving money to the States does not in itself create any tax liability in the UK, the position in the US is a matter beyond my expertise.

By taking over the commercial mortgage you are buying an investment. The mortgage yield to you will be subject to Income Tax as investment income in the UK. Any tax deducted by the USA would be allowed as a credit against any UK taxation under the double taxation treaty between the two countries.

I do hope I have been of help to you in answering this question.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.

Related Tax Questions