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Hargreaves Lansdown SIPP while in US

Hargreaves Lansdown SIPP while in US

Old Jul 23rd 2019, 2:28 am
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Default Hargreaves Lansdown SIPP while in US

Hi, just curious if anyone here has a Hargreaves Lansdown SIPP with a US address (or an HL SIPP where HL is aware you are a US citizen). If so, has it been a good or bad experience? Any issues? I know about the form 3520 which some say is required for a SIPP. Kind of scary but my preparer who is a specialist in this area insists the IRS won't require it.
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Old Jul 23rd 2019, 8:50 am
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Default Re: Hargreaves Lansdown SIPP while in US

3520 & 3520 & Schedule B, Part III & Form 8938. On what basis does your preparer say these are not required?
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Old Jul 23rd 2019, 11:20 am
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Default Re: Hargreaves Lansdown SIPP while in US

Originally Posted by jtxuk View Post
Hi, just curious if anyone here has a Hargreaves Lansdown SIPP with a US address (or an HL SIPP where HL is aware you are a US citizen). If so, has it been a good or bad experience? Any issues? I know about the form 3520 which some say is required for a SIPP. Kind of scary but my preparer who is a specialist in this area insists the IRS won't require it.
I maintained my HL SIPP for several years after moving here and had no issues. Eventually I transferred it to AJ Bell and consolidated it with several small pensions, resulting in a substantial saving in fees.
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Old Jul 23rd 2019, 2:09 pm
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Default Re: Hargreaves Lansdown SIPP while in US

Originally Posted by MidAtlantic View Post
I maintained my HL SIPP for several years after moving here and had no issues. Eventually I transferred it to AJ Bell and consolidated it with several small pensions, resulting in a substantial saving in fees.
That's good to know. Did HL know you had a US address? Did you file a 3520?
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Old Jul 23rd 2019, 2:18 pm
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Default Re: Hargreaves Lansdown SIPP while in US

Originally Posted by jtxuk View Post
That's good to know. Did HL know you had a US address? Did you file a 3520?
Yes they knew I had a US address. No I did not file 3520; my preparer said the same as yours.
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Old Jul 23rd 2019, 2:21 pm
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Default Re: Hargreaves Lansdown SIPP while in US

Originally Posted by Cook_County View Post
3520 & 3520 & Schedule B, Part III & Form 8938. On what basis does your preparer say these are not required?
She says the IRS doesn't require it and has never asked her firm's clients for it.

I also checked with a SIPP provider in the UK and he said he obtained a legal opinion, but the lawyer he consulted is very questionable in my opinion.

Do you have a SIPP and file a 3520? If so, is there a preparer you can recommend?

Have you heard of cases where the IRS has asked someone for one, or penalized for not filing?

I found reports of people being automatically penalized for filing late (3520 deadline is earlier than the 1040 deadline) 3520s when it's not clear the 3520 was even required, so I'm not sure if there is really a risk free approach available.
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