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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13862
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am a US citizen, I have lived in the UK years now.

Resolved Question:

I am a US citizen, I have lived in the UK for 16 years now. i have been saving money in a USA bank account. I now want to spend some of that money, but I read somewhere that I would have to pay tax on using that money? is that correct? I mean, if I bring it into the UK. Another thing is that if I bring the money back, I may make a small profit as the dollar is stronger now than when I saved it... so for example, when I saved it I would et $1.65 dollars to the pound sterling... now the the dollar is $1.43, so say I had $100,000 then i would make a small profit. If I then, transfer it again to the US when I get more dollars, what happens? is that legal?
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question - I am Sam and I am one of the Uk tax experts here on Just Answer. Not necessarily - may I ask where the money that you save has originated fro, and is this from income in the UK or from a USA source? And was it from before you arrived in the Uk or since I can then advsie further Thanks Sam
Customer: replied 1 year ago.
No, this is saved money from income in the UK and some from child support for my first child. And I didn't really have it when I came to the UK, I had about $5K but that was from child support that I saved...
Expert:  Sam replied 1 year ago.
Hi Thanks for your response As you would already have paid tax on the earnings and child support is not a taxable income - then as long as you have declared this account and any interest earned from it to HMRC then there will be no tax liability arising on the act of just transferring this into the UK - just make sure that you inform your bank (in the UK) of this planned transfer. ThanksSam
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Customer: replied 1 year ago.
Thanks

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