Spenser

I am moving to UK and going to leave some money with Vanguard so that I am diversified. I have a roth, sep and a brokerage account. My first question is do all investments even in IRAs need to be HMRC reporting? - I believe they do - correct?
Also when money is not invested I would like a high yield money market account with vanguard - does anyone know a vanguard symbol for this that’s HMRC reporting?
I am finding the Vanguard people very unhelpful and don’t even know re HMRC reporting funds -
PS Durham lad was very helpful last time and I appreciate it

durham_lad

It doesn’t matter what investments are held within an IRA because HMRC won’t tax them. Once IRA distributions start then, just like the IRS, they will be taxed as regular income.

None of the funds need to be HMRC Reporting, it is just that equity funds outside IRAs will attract the lower tax rates for dividends, otherwise all distributions will be taxed as regular income. (The IRS gives “qualified dividends” lower tax rates). There are no HMRC Reporting money market funds because they are simply savings vehicles whose interest is taxed like any other interest.

The Vanguard folks are very clear that they give zero tax advice whether that is domestic or international so that was to be expected.

Once you are in the UK you can have a UK phone number set in your Vanguard account but not a UK bank, so maybe set up and link a Wise USD account to make it easy to get money to the UK.