Moving UK investments to USA
#1
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Joined: Nov 2013
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Moving UK investments to USA
Perhaps this subject has been addressed elsewhere; if so can someone point me to it? I have been in USA 20 years and am now a citizen, settled here. I have investments with a London firm who are now saying that due to SEC regulations they cannot have more than a certain number of USA clients, and I don't fall into their list of top clients. I may have to dissolve the portfolio and move money from it to a US investment institution. I do not need the cash at this point and just want to re-invest it here, so I am wondering on the tax angle on this. The IRS knows all about this UK account as I have been reporting INT and DIV 1099's on it for years on my annual tax filing here in the USA. Thanks in advance for any advice.
#2
Re: Moving UK investments to USA
Perhaps this subject has been addressed elsewhere; if so can someone point me to it? I have been in USA 20 years and am now a citizen, settled here. I have investments with a London firm who are now saying that due to SEC regulations they cannot have more than a certain number of USA clients, and I don't fall into their list of top clients. I may have to dissolve the portfolio and move money from it to a US investment institution. I do not need the cash at this point and just want to re-invest it here, so I am wondering on the tax angle on this. The IRS knows all about this UK account as I have been reporting INT and DIV 1099's on it for years on my annual tax filing here in the USA. Thanks in advance for any advice.
Just out of interest what are your investments? If they are things like unit trusts have you been filing PFIC? Have you filed FBAR if required? also have you taken into account any tax on dividends withheld at source in the UK and made sure you have your UK tax liability correct as well as your US liability?