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Closing a UK business and the IRS

Closing a UK business and the IRS

Old Mar 6th 2001, 7:34 pm
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Joined: Mar 2001
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mdeveaux is an unknown quantity at this point


I got an H1-B visa, closed my UK ltd company and moved to New York. The IRS will allow me to get the profits out as a capital distribution (instead of a dividend).

I read somewhere that since the profits were made before I entered the US, and I was closing a foreign business, to relocate to the US, the IRS would not tax this.

Does anybody know what statute or rules, I am referring to, and where I get more info, for my accountant.

mdeveaux is offline  
Old Mar 6th 2001, 8:07 pm
Mark Carroll
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It seems reasonable to suppose that they might not, though the Inland Revenue may remain
interested. The point being that you can split a tax year in the US rather like you can in
the UK, so that you might be safe from interest from any particular country in things that
happened while you weren't living there.

-- Mark

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