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Selling an investment being held in the UK

Selling an investment being held in the UK

Old Dec 9th 2019, 5:55 pm
  #1  
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Default Selling an investment being held in the UK

Hello I was looking for some information if anyone knows of a company here in the US or UK that will independently sell an investment I have in the UK.
I inherited it when my dad died 12 years ago and was looking into selling it but when I phoned the holding company they told me they could not sell it as I had an American address and it was due to tax issues. My American address has always been on this holding. I also have the original share certificate even though the fund has changed its name.

Thanks in advance

Brendan
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Old Dec 10th 2019, 6:37 am
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Default Re: Selling an investment being held in the UK

If it is a "fund" the US tax payable is going to be 40% to 50% of the gain since you inherited the fund, because of the US PFIC rules. Have you been declaring the investment on your FBAR, Form 8938 and Form 8621 each year? Exactly what investment is this?
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Old Dec 13th 2019, 10:42 pm
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Default Re: Selling an investment being held in the UK

Originally Posted by London1966 View Post
Hello I was looking for some information if anyone knows of a company here in the US or UK that will independently sell an investment I have in the UK.
I inherited it when my dad died 12 years ago and was looking into selling it but when I phoned the holding company they told me they could not sell it as I had an American address and it was due to tax issues. My American address has always been on this holding. I also have the original share certificate even though the fund has changed its name.

Thanks in advance

Brendan
hi you are lucky to be able to have the investment. I found that Because of current regulations most investment media and even bank interest bearing accounts are not allowed if you don't have a UK address and residency, using family home address wont count . the bank or what ever has to report all monies you earn so you can declare it on your US taxes as income! this has specific reporting requirement so nobody want to do it because if they mess it up they will loose their uk/usa commercial banking privileges.....
i have inheritance money stuck in uk because the Pound crashed before i could get it out at a fair rate of exchange. if the pound goes up enough i will gain more than i would by bring it in to usa at a loss and then investing in the 10% stock market here., maybe, at the moment i'm betting on the pound but its not looking good even with the election bounce.
Best bet might be to otherwise cut my losses or buy an asset and export it. but prices are high in UK so not easy.
USA and Libya are the only 2 countries in the world that have banking/taxing regulation like this. as a US citizen in UK you are supposed to declare you UK assets , no tax if you dont file usa taxes but a huge pain for my brother in uk with a USA passport!
a royal PITA!
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