zoemahoney2021
Joined: 9/12/2024
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US to UK money transfers
Can you advise if there are any tax implications of the following: I am a both a UK and US Citizen and resident in the US. I want to transfer money from my US bank account to my UK bank account to then provide a temporary loan to a family member to buy a house. Am I correct in thinking that the only tax implication is interest accruing on the balance in my UK bank account or from the interest on the loan which I would declare on my self assessment tax return whilst the monies were in the UK. Are there any issues transferring it back once the loan is repaid?