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Posted Sun, 06 Oct 2024 13:00:21 GMT by lordica
I want to move approx $90k from the USA to the UK. I am a UK resident and the money came from my wages when I worked in the USA for 3 months. Unfortunately due to the covid pandemic, I became stuck in the UK and continued to be paid in dollars in the USA for several months. I have paid the taxes owed in the US and UK for the relevant tax year covered during this period. I have also declared the interest earned on my USA savings in UK self-assessments in subsequent years. I now want to close the US account as I know I won't be living there in the future. Would I need to pay tax when moving the funds from the USA to the UK?
Posted Mon, 14 Oct 2024 09:02:02 GMT by HMRC Admin 32 Response
Hi,
There are no tax implications for transferring savings to a UK bank account unless they generate 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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