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Where Taxpayers and Advisers Meet

Transfering deposit money as Capital for new purchase

Irbid
Posts:1
Joined:Wed Aug 06, 2008 3:22 pm

Postby Irbid » Mon Feb 28, 2005 9:01 am

I am a US citizen living in London and buying a property. I need to transfer the deposit funds from my accounts in the States soon. I am getting a UK mortgage and under a work permit status for now (but should be able to switch to Unlimited Remain to Leave next year). Could someone please be kind enough and advice me how to make sure I don't end up paying UK taxes on these deposit funds?

King_Maker
Posts:6538
Joined:Wed Aug 06, 2008 3:22 pm

Postby King_Maker » Tue Mar 01, 2005 11:56 am

It is likely to depend on your Domicile status and how many US accounts you have.

It is important to have interest receivable in a separate account.

Warwick


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