Your Questions About Uk Banks In Us

Mark asks…

Are my US savings taxable in the UK if I remit them back to the UK?

I am a UK citizen living in USA. I have savings in US bank accounts out of my post tax income. If I remit them back to the UK by transferring the money to a UK bank account will they then be subject to UK tax?

Pip answers:

No, if you transfer capital from the US where you are resident to the UK where you are not resident, there is no tax to pay at either end.

However, you should be sure to set up that UK savings account as offshore. You are permitted to set it up this way whilst you are non-resident for tax purposes. This will ensure that there is no UK withholding on your interest or dividend income (you will still pay US tax). It will also protect you against possible inheritance tax claims by the UK as well as protecting your assets from tax in the event you move back to the UK.

James asks…

How can a tourist pay bills for UK property? Can a tourist open a UK bank account?

I was just wondering whether or not a US citizen on a tourist visa can open a UK bank account?
If a tourist can’t open a UK bank account, then how can a tourist pay the bills for his/her UK holiday home?

Pip answers:

I would strongly advise against using a US bank account to do transactions in the UK.
You will be charged a fee for doing currency conversion by your US bank.
You will be charged, depending on how much, per transaction.
Each time you take money out of a foreign ATM you will be hit with that ATM’s/banks fee, plus a nice hefty fee from your bank back in the US.

No a US tourist cannot open a UK bank account. You have to show your visa (giving you permission to live in the UK). You have to show at least 2 bills going to your current address, they usually want one to be a council tax bill…which you can’t get because you do not live in the UK.

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