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My partner is moving to the Uk from the USA. He has sold his

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My partner is moving to the Uk from the USA. He has sold his house in the USA. What are the tax implications of transferring the monies from the USA?
Submitted: 11 months ago.
Category: Tax
Expert:  bigduckontax replied 11 months ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. There are no tax implication in respect of the transfer. He should warn his bank of the incoming funds and their source to preclude any money laundering inquiries a large transfer might attract. On arrival in the UK the split year principle will apply. HMRC will split his arrival year into two portions one non resident and the second resident. I do hope that my reply has been of assistance.
Customer: replied 11 months ago.
I have spoken to a UK/USA tax accountant who says there may be tax implications!
Expert:  bigduckontax replied 11 months ago.
There may be USA tax implications, but there certainly will not be UK ones, assuming the sale was before the date of arrival in the UK. If so then under the split year system then this would be a matter for the IRS. In any event under that Double Taxation Treaty between the UK and the USA, and, indeed, some individual States within the Union also, the same stream cannot be taxed in both jurisdictions. This is achieved by means of tax credits, the tax paid in one country being allowed as a tax credit against the liability in the other. Furthermore, if this was his sole or main domestic residence, as far as UK Capital Gains Tax (CGT) is concerned he would be entitled to Private Residence Relief (PRR) which is at 100% of any gain.
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Customer: replied 11 months ago.
Okay, thank you for clarifying things.
Expert:  bigduckontax replied 11 months ago.
Delighted to have been of assistance. Thank you for your support

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