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Transferring money from USA

wayupbluejay
Posted Tue, 31 May 2022 15:50:51 GMT by wayupbluejay
I am a permanent resident in the UK. I want to buy a house here. I have a savings account in the USA. Will I pay tax if I transfer only the savings not the interest on the savings to the UK. Thank you
HMRC Admin 26
Posted Wed, 01 Jun 2022 12:10:44 GMT by HMRC Admin 26
Hi,

Threre are no income tax implications with you moving the money from one bank to another. However the interest you receive from the accounty, once it is in the UK, is taxable income.

Thank you.

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