|
Retired dual citizen moving back to UK
Hi, I just recently retired and am contemplating moving back to the UK . I own a home in USA and a vacation flat in UK .. I would like to become resident in UK for more than six months to see how I adjust to life there again.. How will this affect my bank accounts in USA , taxes, and pension I receive in the USA ? Thank you
|
Re: Retired dual citizen moving back to UK
This is pretty much my position. I retired in 2013 in the US, bought a flat in the UK in 2015 and have more or less divided my time between US and England since then. In terms of US institutions, there’s been no effect, as I’m still a US resident. I pay US & New York tax, I maintain a home, car, bank accounts etc. in NY, and I receive pensions, annuities etc in US as usual. |
Re: Retired dual citizen moving back to UK
I’m a British resident, on the electoral register, and registered with an NHS practice (although have never been to the doctor.) As for UK taxes, I twice did a self assessment and paid tax, but they persistently refunded all my tax to me. So for the moment, I gave up on tax. (As it happens, my income is very low, so it’s not much of an issue, however it will become an issue in a year or two, when I will have to start taking Required Minimum Distribution on my US retirement funds.) |
Re: Retired dual citizen moving back to UK
Thanks for your response. You seem to be in a very similar situation to me.. If I stay more than 6 months in UK , how does it work with tax? Will I need a tax person/accountant in UK ? Can you still keep all US bank accounts if resident in UK full time and continue to have pension paid in to US? . I just feel that I really want to try a full year in UK , but don't know how to make sure I make right moves on tax etc ..I've been too busy working all my life to look into the details :-) I closed out my UK bank accounts years ago , but opened an Isle of Man account for sterling currency . When I tried to open a UK bank account a couple of years ago , the banks wouldn't accept me unless I was resident or had a salary paid in on a regular basis.
My other problem is that if I want to buy a car to keep there , insurance is astronomical because I'm using an American license .. I have the old green driver's license for UK , but it has my old address, and I was told that I couldn't use it as I"m not resident there .., I'm assuming if I do reside full time in UK that eventually I will be able to use it and hopefully get reasonable car insurance. I don't suppose you know of any way to get insurance using the US license ? Thanks |
Re: Retired dual citizen moving back to UK
Providing you have a UK address then you can simply renew your UK licence.
|
Re: Retired dual citizen moving back to UK
A year after we retired we did a “suck it and see” by staying for 6 months in England in a rental place. We arrived end of February so the time spent was not 6 months in a single UK tax year and we didn’t register with the NHS or anything. We didn’t buy a car, just rented when we needed to. That was in 2011 and we enjoyed it so much that after a few years traveling we decided to move back and it was extremely easy. We exchanged our old paper licence for a new photo id and bought a 2nd hand car etc. We registered with the NHS immediately and transferred my prescription from the US to the NHS, “That is exactly what we prescribe for that condition”, said the doctor and wrote a repeat prescription. |
Re: Retired dual citizen moving back to UK
Originally Posted by robin1234
(Post 12749514)
I’m a British resident, on the electoral register, and registered with an NHS practice (although have never been to the doctor.) As for UK taxes, I twice did a self assessment and paid tax, but they persistently refunded all my tax to me. So for the moment, I gave up on tax. (As it happens, my income is very low, so it’s not much of an issue, however it will become an issue in a year or two, when I will have to start taking Required Minimum Distribution on my US retirement funds.) |
| All times are GMT. The time now is 5:40 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.