Helen1234

Hi

One quick question. If I move back to the UK from US, I want to leave one US bank and my US credit cards open. I do not have US PR.

1. I think I may get some interests from the US bank. I assume I need to report the interests to HMRC when I come back. Do I still need to report the US interests to the IRS every year? I assume no need to report to IRS

2. How about credit card ? I think there are no effects on the US credit card at all?

3. How about US stock accounts? Is it better to close the US stock bank before moving back. If I keep trading stocks in the US account when I am in the UK, do I need to report taxes on both side.

Thanks,

RICH

I have no idea to answer your questions, but I expect someone will. These are good questions. I am interested in the answers!

durham_lad

I also maintain a US bank and credit card, no problems. I do get a little interest from my US bank which is subject to tax by both the IRS and HMRC.

I also maintain a taxable brokerage account where I do trade ETF fund shares and receive dividends. The dividends and capital gains from sales are reported to both the IRS and HMRC. Tax credits are used to ensure no double taxation. If you use funds that report into HMRC or trade individual stocks then HMRC will allow the more advantageous tax rates.

https://www.gov.uk/government/public...eporting-funds

I am a UK/USC living in the UK.

Helen1234

Many thanks. I think you have US citizenship and therefore you need to fill in US tax any way, right? Based on https://internationalaffairs.uchicag...s%20trade%20or, it seems that Nonresident aliens who receive interest income from deposits with a U.S. bank, savings & loan institution, credit union, or insurance company, or who receive portfolio interest are exempt from taxation on such interest income as long as such interest income is not effectively connected with a United States trade or business. Therefore, I am thinking about if I go back to UK without US citizenship, whether I can keep the US bank but do not need to bother reporting to the IRS.

durham_lad

As I said in my post above I am a USC resident in the UK so can’t speak with experience or knowledge about a UKC living in the UK and receiving income from the USA. From the link you posted it does look like you won’t be taxed on US interest income.

Helen1234

understood. Thanks. Is there any UKC coming back to UK from US to share the idea?