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Forum: USA
Sep 6th 2012, 11:32 pm
Replies: 50
Views: 5,651
Posted By im9907620

Re: QROPS....once and for all, does this work?

Been away from the forum for a while but amazed to see how many people still asking if a UK to US (QROP) transfer can be done. How many times does it have to be repeated :unsure: - it can't be...
Forum: USA
Jun 14th 2011, 2:41 pm
Replies: 22
Views: 2,636
Posted By im9907620

Re: Lakewood Ranch, FL

We have a place close by and there are a lot of worse places than LWR.
Forum: USA
Jun 11th 2011, 11:58 pm
Replies: 195
Views: 68,659
Posted By im9907620

Re: Quiet disclosure of FBAR

That was then. 2 years on and they are included now. Fund Growth, which is a separate issue, is covered under the tax treaty though if, typically, unit trusts are held then these will be subject to...
Forum: USA
Apr 7th 2011, 7:36 pm
Replies: 195
Views: 68,659
Posted By im9907620

Thumbs up Re: Quiet disclosure of FBAR

EG: If the Jupiter fund has increased by £2,500 in the US tax calendar year then, yes, you would be liable to that gain even if you didn't cash it (the PFIC trap). Additionally, most funds pay...
Forum: USA
Apr 7th 2011, 7:17 pm
Replies: 195
Views: 68,659
Posted By im9907620

Thumbs up Re: Quiet disclosure of FBAR

Yes that is correct. For cash ISAs its the interest. For stock/bond ISAs its the income (from the tax (dividend) voucher). For unit trust ISAs its the annual income and short/long term gains of...
Forum: USA
Apr 7th 2011, 3:23 pm
Replies: 195
Views: 68,659
Posted By im9907620

Thumbs up Re: Quiet disclosure of FBAR

All ISAs are reportable (subject to the FBAR aggregate balance threshold). The word and tax benefit 'ISA' means nothing in the US. Any interest, income or gain is taxable in the US even if not the...
Mar 30th 2011, 9:58 am
Replies: 6
Views: 1,318
Posted By im9907620

Arrow Re: Clarification of Capital Gains on UK House Sale

If you have been ex-UK for 5 full tax years then there should be no CGT applicable.
Forum: USA
Mar 16th 2011, 11:07 am
Replies: 195
Views: 68,659
Posted By im9907620

Thumbs up Re: Quiet disclosure of FBAR

Good post. You make a relevant and often overlooked point.
Things like ISAs and SIPPs and Shares will have tax credits that can be put into the pot against US taxes. In fact, any excess credits...
Forum: USA
Mar 15th 2011, 4:17 pm
Replies: 195
Views: 68,659
Posted By im9907620

Thumbs up Re: Quiet disclosure of FBAR

sorry, overlooked that. credit to... http://features.withersworldwide.com/features/irs-voluntary-disclosure/irs-voluntary-disclosure
Forum: USA
Mar 15th 2011, 3:09 pm
Replies: 195
Views: 68,659
Posted By im9907620

Post Re: Quiet disclosure of FBAR/Offshore Voluntary disclosure

Further to the FBAR/disclosure debate, I came across this article when researching for a client. It's from a high profile tax firm and I guess could be described as interesting, illuminating or just...
Forum: USA
Mar 13th 2011, 7:57 pm
Replies: 5
Views: 981
Posted By im9907620

Thumbs up Re: IRS and immigrating to US

If he's bought an annuity or is taking the company pension then tax will be deducted at source but, as already said, this can be used as a tax credit under the treaty, though in either instance you...
Forum: USA
Feb 22nd 2011, 8:58 am
Replies: 144
Views: 42,526
Posted By im9907620

Re: Getting at UK Pension fund?

Hello Otto, I think 'someone' must have been drunk to make a comment like that.

Give it up, a tax free roll-over to the US is not going to happen my friend....:thumbdown:

There is already an...
Forum: USA
Feb 14th 2011, 5:36 pm
Replies: 195
Views: 68,659
Posted By im9907620

Re: Quiet disclosure of FBAR

I reported on here previously that FBAR covers things like UK personal pension plans, ISAs (cash and shares types), onshore and offshore bonds. The new Act means that a foreign financial institution...
Forum: USA
Jan 25th 2011, 8:25 am
Replies: 9
Views: 1,194
Posted By im9907620

Thumbs up Re: Moving to Fl - some general tax related questions

If you satisfy US tax resident criteria then your ISA will be taxable on the earnings (i.e. income and growth). There is no 'upward cost-basing' on entry to the US tax system so gains from...
Forum: USA
Jan 21st 2011, 5:49 pm
Replies: 9
Views: 1,194
Posted By im9907620

Thumbs up Re: Moving to Fl - some general tax related questions

In no particular order:
ISAs are not tax free in the US, especially if you have the stocks and shares type.
Certain UK Self Invested Pension plans MIGHT be taxable.
You would almost certainly be...
Forum: USA
Jan 21st 2011, 5:39 pm
Replies: 2
Views: 1,070
Posted By im9907620

Re: Tax/legal ramifications of LPR Trustee to deceased persons UK estate.

see above responses.

information for general guidance only and not to be taken or construed as any kind of personal advice.
Forum: USA
Jan 21st 2011, 5:15 pm
Replies: 5
Views: 2,513
Posted By im9907620

Re: Pension Lump Sum and Tax

If you have the chance to take your lump sum before you become a USC for tax purposes then you should. As other posters have alluded to, it really depends on which tax adviser you consult. There is...
Jan 20th 2011, 9:12 am
Replies: 31
Views: 4,910
Posted By im9907620

Thumbs up Re: Anyone knows about EB5

No offence meant Ian; there is no dispute in what you wrote but I was merely widening the point (as a warning if you like) from first hand experience.

Most people tend to assume that an EB5...
Jan 19th 2011, 6:56 pm
Replies: 31
Views: 4,910
Posted By im9907620

Re: Anyone knows about EB5

With EB5, past performance is limited both in information and relevance. What is more relevant going forward is the financial intricacies/risks of each scheme relevant to its industry and the...
Dec 19th 2010, 12:32 am
Replies: 7
Views: 1,558
Posted By im9907620

Arrow Re: EB-5 and Lawyer Suggestions / Fees?

From my experience with a few of the US EB5 lawyers the general figure has tended to be around $10,000 - $12,000 (depending on size of firm). There is also a couple of UK lawyers who do it too,...
Forum: USA
Dec 19th 2010, 12:09 am
Replies: 3
Views: 2,286
Posted By im9907620

Re: More on QROPS and the IRS

Foreign employment contributions while a nonresident alien. In determining your cost, special rules apply if you are a U.S. citizen or resident alien who received distributions in 2009 from a plan...
Forum: USA
Nov 3rd 2010, 7:31 pm
Replies: 7
Views: 4,511
Posted By im9907620

Re: Can a US based will cover UK Assets?

Previous poster is correct. Better to do one for each country that you have assets but each must make it clear that they are only dealing with the assets of that particular country. Pensions are...
Forum: USA
Nov 3rd 2010, 7:13 pm
Replies: 10
Views: 1,899
Posted By im9907620

Re: Transfer of UK pensions to US

Yes, could go to them direct or transferred out into a trust. Of course any distributions/income would be taxable to them depending on their country of residence and tax rates at the time. ...
Forum: USA
Nov 3rd 2010, 6:28 pm
Replies: 10
Views: 1,899
Posted By im9907620

Re: Transfer of UK pensions to US

At present you don't have to buy an annuity until 75 and even then you can continue subject to certain restrictions. The new coalition govt are due to abolish the need to purchase an annuity in...
Nov 3rd 2010, 2:52 pm
Replies: 93
Views: 18,191
Posted By im9907620

Thumbs up Re: Regional EB 5 Center with best perspective

I think what Ray is saying is 'conflict of interest' may be prevalent. Most introducers to EB5 projects are paid a varying level of fee/commission.
Showing results 1 to 25 of 137
 


 
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