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Posted Tue, 12 Nov 2024 11:14:23 GMT by Erin Wiegand
I'm a US citizen, resident in the UK. In 2022 I sold my house in the US, and I reported the capital gains on both my US and UK tax returns. I have also reported interest income on my US and UK returns since then. Am I correct in thinking that I can now bring this money (currently in a savings account) into the UK without being taxed again? I will want to transfer about $300,000. Thanks!
Posted Tue, 12 Nov 2024 13:23:56 GMT by HMRC Admin 34 Response
Hi,
Hi,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest 
Tax on dividends
Thank you

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