Harrison32

Cureently been in the US for 12 years on an E2 treaty investor visa and looking to head back home to the UK (citizen) within the next couple of years. Just seeing if there are any people who have been through a similar situation and what they recommend, advise or did with regards to their:

401K
Stocks and shares
US bank accounts

Appreciate any of your help in advance.

Nutmegger

You should check the Moving Back to the UK section of BE. There may be some relevant information for you there. Good luck!

durham_lad

+1

maybe a moderator would move this thread.

durham_lad

In a similar position I did the following before moving back.

Rolled my 401k to an IRA at a US brokerage that supports overseas customers. (Non taxable event)

Converted my stocks and shares mutual funds to HMRC Reporting funds so they get the favorable tax treatment that dividends and capital gains get.
https://www.gov.uk/government/public...eporting-funds

Set up a Wise account with a US bank routing and account number and linked it to my US brokerage account so that it is easy to move dividends, IRA withdrawals etc to the Wise account and then into my UK bank that is also linked to my Wise account.

kateg60

durham_lad is there some trick to using the spreadsheet from HMRC? Looking at the spreadsheet you linked I don't see the funds US listings and so cannot identify my stocks?

durham_lad

No trick. I just tried opening it on my iPhone and it opens okay. It is a very large spreadsheet. All or most of Vanguard ETFs are listed which is what I have. There is another link below for alternative formats. I’ve not tried it as the spreadsheet works for me.

Russet

I worked on the HMRC spreadsheet (it is very large) on the basis that if my US stocks were not listed (using ctrl find) then they are not HMRC reportable funds and would therefore not be favourably treated once we return. I worked to ensure my investments were moved to funds on the spreadsheet.

durham_lad

To be clear, individual securities listed on the stock exchange are fine, it is just stock and bond mutual funds that are the issue.

If you have non reporting funds then you will just pay taxes on the dividends and gains as regular income, I don’t believe HMRC has punitive taxes like the IRS has for foreign passive investment funds.

Russet

Thank for clarifying my statement durham_lad - yes, our US individual listed stocks were all fine, it was the US mutual funds in taxable accounts that I was referring to.

charlliewhitebread

I should be able to help. I went through this process a few years back when I left New York. I can share the details of the company I used for my advice process if you're looking to speak to someone.

christmasoompa

You’re very welcome to share the details of the company you used on the forum, it may be useful to others. As long as it’s not your own company of course, as per Site Rule 9.

Thx and welcome to the forum.

kateg60

Please share.