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:

  Not trying to be cute, I think you don't need to bother declaring "substantial" sums being transferred internationally. The US will know about anything over $10,000. I expect the UK will also know. Banks do the notification to the appropriate authorities in each country. The operative question is- Do you have to pay tax on money that you *own* but didn't *earn* in the UK? You'll need to talk to your UK tax prepare for a good answer. And don't forget, you'll still be required to file taxes in the US. You should check with your US tax preparer about the possibility of filing a NR1040. (I'm thinking that your 60-day absence from the US won't qualify, but you need a real tax guy to confirm this.) Good luck!