Transferring money from India to the USA?

Taxman - Transferring my money from the USA to the UK - the Rules?

• I have a substantial amount of money that I would like to transfer from the USA to the UK. I just don't know any tax rulings on it. I know the USA is OK with it, but once my money arrives in the UK do I need to declare it and if so what tax if any do I need to give to the inland revenue? I work in the USA and have done for a number of days, I usually visit the UK for about 50-60 days per year. Thanks for any help in the matter.

• Answer:

  Provided the money is not the proceeds of crime, and has been properly earned/tax paid, no problens. (whether you are tax resident or not). The UK authorities will however be interested in any further earnings on it eg bank interest. but the banks collect that automatically anyway. FYI: As part of the transfer request, you must make a (anti money-laundring) declaration for the source of the money. It is part of the money transfer request. Your country of normal residence will however still be interested - especially if it is the US - in what happens to the money. In particular, the US Govt now requires all banks (worldwide) to tell them of any funds held by US citizens whereever the money is. As such, some banks are refusing to take US citizen accounts, as the US is requiring the banks to get a declaration from every user that they are 'not' a US citizen. A request that many banks see as unreasonable.. why is the bank's problem, it is the US citizen's problem and responsibilty to follow US law (in anycase, why should the worlds citizens who are not US citizens fill out a US declaration that they are not US citizens ? - what if every country demanded the same... hundreds of not-a-citizen declarations !) But for you, just do the transfer. Talk to your bank ... they will help with paperwork. (you will need the international bank account No of the recieving bank)