# Can I get taxed by HMRC selling my only property owned in the USA?



## IndustryStandard (Dec 15, 2021)

Hi there. Newbie post as I am just in the process of moving back to the UK from the USA after 12 yrs.

High level, i'm now a dual UK/US citizen and recently sold my only property in the USA making much less than the $500k dual person capital gains . Therefore Im not subject to US capital gains etc etc

My only concern is I want to FX part of my gain to the UK to put into renovating my in-laws house for us to stay in. Im worried that as soon as the GBP hits my UK bank account that will get flagged and queried, with the source of funds being reported by my bank to HMRC who may have some random rule to tax the deposit.

As its my/our only global property, from what i've read I don't think they can tax any of the gain, but thought I would see if any experts here have thoughts/experiences 

Many Thx


----------



## Moulard (Feb 3, 2017)

If settlement of the sale of the home has occurred while you were still a tax resident of the US, then the gain would only be taxable in the US.

Large transfers will be reported in both countries to comply with domestic anti-money laundering rules.

Simply transferring money from one account to another does not generate income, so there would be no income tax.

There could be UK duties, levies or taxes on the transfer to the UK or even the gift itself. I will leave that part to one of the folks more familiar with UK tax rules.

On the US Side...

Given you are a US citizen, you may well have to report the gift

Given you are a US citizen don't forget once you are back in the UK, you will still have US tax filing obligations forever more.


----------

