Withdrawing cash from a UK pension
May 24th 2018, 4:00 pm
#16
BE Forum Addict
Thread Starter
Joined: Jul 2015
Location: Panama City, FL
Posts: 2,057
Re: Withdrawing cash from a UK pension
Can't help on that one, sorry.
Just checked my notes, I have generated additional UK income for the first time in 30 years, so maybe that's why I was advised to use S100. - which should have read SA100.
See also SA102 and SA109, although they may not apply in your case.
Just checked my notes, I have generated additional UK income for the first time in 30 years, so maybe that's why I was advised to use S100. - which should have read SA100.
See also SA102 and SA109, although they may not apply in your case.
May 25th 2018, 3:07 am
#17
Forum Regular
Joined: Apr 2007
Posts: 39
Re: Withdrawing cash from a UK pension
UK tax will be deducted when you make your withdrawal.
The USA does nor recognise your 25% UK allowance so 100% is taxed at your USA rate.
You claim back the UK tax you have suffered on your 1040 as a foreign tax credit.
The exchange rate you use is at the date of withdrawal whether you remit it to the USA or not.
All foreign bank accounts and financial interests must be reported on your 1040 and separately on a Fincen declaration to the IRS by April 15th each year.
The USA does nor recognise your 25% UK allowance so 100% is taxed at your USA rate.
You claim back the UK tax you have suffered on your 1040 as a foreign tax credit.
The exchange rate you use is at the date of withdrawal whether you remit it to the USA or not.
All foreign bank accounts and financial interests must be reported on your 1040 and separately on a Fincen declaration to the IRS by April 15th each year.
