Capital Gains: under allowance in UK, will it be taxed in US?
#1
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Joined: Sep 2016
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Capital Gains: under allowance in UK, will it be taxed in US?
All,
I am closing down my UK limited company and as a result me and my partner take out capital which is just shy of capital gains allowance.
The actual date of closure and the money i receive in bank maybe after we move to US in February though the closure process has already started.
So what does it mean to us tax wise. It is under UK allowance here.
Will this be taxed in US? (does dual taxation not cover this?).
If it is taxed there then I'm planning to leave the company running with the funds in (as the running costs maybe lower than the tax to be paid there). We might return to UK in next 5 years.
I am closing down my UK limited company and as a result me and my partner take out capital which is just shy of capital gains allowance.
The actual date of closure and the money i receive in bank maybe after we move to US in February though the closure process has already started.
So what does it mean to us tax wise. It is under UK allowance here.
Will this be taxed in US? (does dual taxation not cover this?).
If it is taxed there then I'm planning to leave the company running with the funds in (as the running costs maybe lower than the tax to be paid there). We might return to UK in next 5 years.
#2
Re: Capital Gains: under allowance in UK, will it be taxed in US?
Make sure the date of the sale is before you become a US tax resident