Double taxation of SIPP in USA?
Dec 7th 2019, 6:52 am
#1
Just Joined
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Joined: Dec 2019
Posts: 6
Double taxation of SIPP in USA?
Hi Everyone,
I'm moving to the USA soon, and would really appreciate advice about what's best to do with my SIPP. As far as I can make out, there's no problem with holding a SIPP while resident in the US (though of course you can't contribute to it). My question is whether it'll be subject to double taxation once I retire and start taking funds from it.
Anyone have any experience on this?
Many thanks, y'all,
S
I'm moving to the USA soon, and would really appreciate advice about what's best to do with my SIPP. As far as I can make out, there's no problem with holding a SIPP while resident in the US (though of course you can't contribute to it). My question is whether it'll be subject to double taxation once I retire and start taking funds from it.
Anyone have any experience on this?
Many thanks, y'all,
S
Dec 7th 2019, 8:14 am
#2
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: Double taxation of SIPP in USA?
What kind of US visa will you have, as this will have an impact on any tax reporting.
Dec 8th 2019, 8:18 am
#4
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Joined: Nov 2012
Posts: 902
Re: Double taxation of SIPP in USA?
As a green card holder you'll be reporting the SIPP on your annual tax return on Schedule B, Part III, on Form 8938 and on your FBAR. Assuming you are cautious you'll also file Form 3520 and a substitute Form 3520-A. If you are not UK resident when money is withdrawn there will no UK income tax. There may still be UK inheritance tax on your death.
Dec 8th 2019, 11:40 am
#5
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Joined: Dec 2019
Posts: 6
Re: Double taxation of SIPP in USA?
Really helpful, thanks very much indeed. Cheers
