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Forum: USA
Dec 4th 2016, 10:39 pm
Replies: 12
Views: 1,244
Posted By Samxboy

Re: Exit strategy and/or anyone recommend a good tax advisor.

Not sure I understand this statement. As far as I'm aware the option to take the 25% lump sum 'tax free' in the UK is a one time only option. The IRS do not accept the tax free aspect so as long as I...
Forum: USA
Dec 3rd 2016, 11:56 pm
Replies: 12
Views: 1,244
Posted By Samxboy

Re: Exit strategy and/or anyone recommend a good tax advisor.

I thought this form only applies to Long term residents... LTR (8 years in previous 15) as opposed to the broader status of an LPR. I only got my GC in 2013. The instructions state only to be used by...
Forum: USA
Dec 3rd 2016, 10:10 pm
Replies: 12
Views: 1,244
Posted By Samxboy

Re: Exit strategy and/or anyone recommend a good tax advisor.

Just to clarify. I would like to hold onto the GC but that appears an impossibility if I am to avoid paying tax on the UK lump sum part of my pension.
As such my exit strategy is as per the original...
Forum: USA
Dec 3rd 2016, 3:51 pm
Replies: 12
Views: 1,244
Posted By Samxboy

Exit strategy and/or anyone recommend a good tax advisor.

Currently an LPR since mid 2013 now retired to florida.

I want to inititate my UK pension in 2017 and take advantage of the 25% tax free lump sum. Something which I'm aware is fully taxable in the...
Forum: USA
Jun 3rd 2016, 3:49 am
Replies: 96
Views: 9,425
Posted By Samxboy

Re: Where to live in Florida?

We've recently relocated to North Port in Sarasota County. Nice place, with decent property prices, good schools ( by all accounts), not far to some of the best gulf beaches, far enough inland to be...
Feb 22nd 2016, 6:37 pm
Replies: 98
Views: 6,643
Posted By Samxboy

Re: Do you like where you live?

Mid West Snooze! Illinois and the dreadful Cook (crook) county is my home. That is until I can get out later this year.
Jan 21st 2016, 7:50 pm
Replies: 1
Views: 429
Posted By Samxboy

Taxes due on US Pension?

Recently posted about my situation in so far as being a LPR looking to retire and take out a UK pension. As I want to take advantage of the 'tax free' 25% lump sum, I will be giving up the GC at the...
Forum: USA
Nov 7th 2015, 4:48 pm
Replies: 47
Views: 3,396
Posted By Samxboy

Re: As a green card holder, what will my tax position be for a UK company pension?

I did speak to a financial advisor and although his principal sales pitch was a QROPS product stated very catergorically that in all his years of managing UK pensions for US residents, no one had...
Forum: USA
Nov 5th 2015, 8:34 pm
Replies: 47
Views: 3,396
Posted By Samxboy

Re: As a green card holder, what will my tax position be for a UK company pension?

You'll be aware I raised the same question a while back. To date I haven't been able to get any 'tax professionals' to even talk about it. Seems like it's an area they do not want to get involved. ...
Forum: USA
Oct 20th 2015, 3:40 pm
Replies: 10
Views: 1,116
Posted By Samxboy

Re: NYC to Chicago?

I moved last year and it's OK. The winters are a lot worse for sure. Housing, either rentals or to buy are cheaper but then again you want to live somewhere safe and Chicago's south side is anything...
Forum: USA
Aug 18th 2015, 9:04 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

You're right they do say that. I did myself before I left, but upon reflection I think the UK is a fairer and more tolerant society. Certainly not perfect and ever changing and certainly struggling...
Forum: USA
Aug 18th 2015, 8:38 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

I've only been here 4 years, starting in New York and now Chicago. My kids ( adults) stayed in the UK and our plan did intend to have us return....some day!
I was a bit idealistic about the US when...
Forum: USA
Aug 17th 2015, 7:58 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

On that very point I was wondering how to contact the IRS and pop the question. I believe various folks have spoken to the IRS and received varying responses, none of which would hold the IRS...
Forum: USA
Aug 17th 2015, 1:16 pm
Replies: 7
Views: 959
Posted By Samxboy

Re: Tax avoidance on UK Pension Lump sum

Only applies to Long Term Residents as defined in IRC Section 877 (e)(2.

(2) Long-term resident
For purposes of this subsection, the term “long-term resident” means any individual (other than a...
Forum: USA
Aug 16th 2015, 9:51 pm
Replies: 7
Views: 959
Posted By Samxboy

Tax avoidance on UK Pension Lump sum

My last posting on the tax treatment in the US of UK pension 'Lump sums', even though the 25% amount isn't a 'whole' lump, but we won't go into that one right now!
So I mentioned previously that...
Forum: USA
Aug 14th 2015, 8:13 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Red face Re: Pension tax concerns - Replace greencard for B2

And the life span of a Guinea Pig is 5 years in CAPTIVITY!
Forum: USA
Aug 14th 2015, 2:52 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

This is all good news...but how do we turn this growing tide of consensus into a practical reality? I'd love to try it out, but alas I've got way too much to loose with my particular circumstances....
Forum: USA
Aug 12th 2015, 9:56 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

Interesting....so lets consider this....my 25% tax free allowance is 170,000 GBP or roughly $250,000.
You're saying I could take for example 3 annual payments of 50,000 gbp and a final 20,000 gbp...
Forum: USA
Aug 12th 2015, 8:44 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

All responses very much appreciated. Bit of a no brainer really in that the GC is going back and life will return to 'normal' in dear old blighty! Can't rely on these colonials for sensible fiscal...
Forum: USA
Aug 12th 2015, 5:55 pm
Forum: USA
Aug 12th 2015, 5:33 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

I understood that once you return your GC with appropriate paperwork(I-407) at the consulate, you are then exempt from US taxation from the next calendar year. They state this pretty clearly...no...
Forum: USA
Aug 12th 2015, 4:35 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

I don't know....with all due respect. They refer to eliminating the possibility of a US citizen taking up residence in the UK during the year the US pension comes up and using the UK taxation rules...
Forum: USA
Aug 12th 2015, 3:45 pm
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

Reading the convention, there is clear intent that states.... Subparagraph 1(a) is subject to the saving clause of paragraph 4 of Article 1 (General Scope) while subparagraph 1(b) is not, by reason...
Forum: USA
Aug 12th 2015, 2:37 am
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

Yes, that's worth looking into, and if the amounts were smaller I'd give it a go. What's the likelihood of this becoming more recognized as a factual position?
Forum: USA
Aug 12th 2015, 2:29 am
Replies: 86
Views: 4,368
Posted By Samxboy

Re: Pension tax concerns - Replace greencard for B2

ps: Just realized how/why your tax bill could easily reach that level....I hadn't factored in the additional income you'd be declaring...thought of deleting this entirely...but decided - well...at...
Showing results 1 to 25 of 64
 


 
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