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Posted Wed, 05 Jul 2023 16:45:33 GMT by
Hi! I am a US citizen but living in the UK as a UK resident. I need to fill in a self-assessment form each year based on my income. I need to transfer 50,000$ from my US bank account to my UK bank account to help pay for the down payment of my flat. Will the $50,000 be subject to tax in the UK? Many thanks
Posted Wed, 12 Jul 2023 09:54:46 GMT by HMRC Admin 19
Hi,

If you are tax resident but non domiciled, there may be tax implications. You can see guidance here:

Remittance basis 2023 (HS264)

Thank you.

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