tariqbutt

I lived in London for 10 years up until February this year. I move to the US in February.
I have a current account with Lloyds and they are asking me where I am tax resident.
I presume I would be tax resident in the US since I live and work there. Am I also tax resident in the UK? Or does that cease when I moved to the US?

tht

No one could give you an answer based on the information you have given. It sounds like you are US tax resident now, the UK will depend on a number of factors, look at the rules:
https://www.gov.uk/tax-foreign-income/residence

Now what the bank is probably really asking is are you now a “US person” because they may not support accounts for “US persons”.

postbox134

You are almost certainly only Tax Resident in the US, they are likely to close your account down if they realise this (sounds like they have).

Some quick details from the HMRC site on residency: https://www.gov.uk/tax-foreign-incom...e%20tax%20year

Pulaski

It is extremely unlikely that you are tax resident in two countries, and it can be a complicated and expensive mess if you are tax resident in two countries.

On moving to work in the US you are almost certainly tax resident in the US and I can't imagine any way that someone could live and work in the US without being tax resident in the US - unless they were a foreign diplomat or are working for something like the World Bank or UN. Therefore you would cease to be tax resident in the UK at the time you relocated to the US.

robtuck

Likely a FATCA requirement - they need to report to the UK if you are resident for tax purposes in the USA.

edit: I typed USA twice by mistake - HMRC will get the info, but they can pass that onto the IRS.

durham_lad

I agree. Lloyds may also require that a W9 for you be completed and sent in to them.

Plus, even though the first £1k of interest is free of HMRC tax these days banks still have to report the interest to HMRC because that £1k allowance is across bank all accounts. If a person is not tax resident then they won’t be doing this.