Tax Help (stressed out)
Apr 5th 2019, 7:20 pm
#16
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Re: Tax Help (stressed out)
Thanks, though I am confused as Cook_County previously mentioned a 3250 to me which made me think it was.
Thank you, I am unsure of this too.
I am trying Hotscot, I just want to ensure that I have everything correct and I know this years return is around the corner so I want to ensure what I have is definitely not a trust as Cook_County mentioned a 3520 which threw me off.
Cook_County or theOAP if you view this thread can you please provide any input with the above.
Many Thanks
Dee
I have not been your situation before but from what I gather from forums such as this is that your pension as you describe is NOT a foreign grantor trust.
Also I don't believe you should be reporting anywhere on your IRS return the contributions that you are making to your pension plan. However, I believe that when you are reporting your UK earned income you should include your employer's contributions when calculating the gross income.
Also I don't believe you should be reporting anywhere on your IRS return the contributions that you are making to your pension plan. However, I believe that when you are reporting your UK earned income you should include your employer's contributions when calculating the gross income.
Cook_County or theOAP if you view this thread can you please provide any input with the above.
Many Thanks
Dee
Apr 5th 2019, 9:38 pm
#17
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Re: Tax Help (stressed out)
That's an interesting point and I see where you're coming from. I would like to see a definitive answer to file away for the future.
Wouldn't stress over it though.
Some light reading here
https://www.irs.gov/individuals/inte...-status-aliens
https://www.irs.gov/individuals/inte...t-alien-spouse
And this is an interesting one.
https://www.gov.uk/hmrc-internal-man...elief/dt19876b
Be a while before I can digest though...busy doing my own taxes.
How does your situation apply Dee?
Last edited by Hotscot; Apr 5th 2019 at 9:59 pm.
Apr 5th 2019, 10:05 pm
#18
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Re: Tax Help (stressed out)
Makes sense in a US context, and I do work on the basis that most times common sense provides the answer.
But this is a UK product. Would it not have to be somehow 'certified' or recognised by the IRS as a pension instrument in order for the money paid by the employer not to be taxed as income?
But this is a UK product. Would it not have to be somehow 'certified' or recognised by the IRS as a pension instrument in order for the money paid by the employer not to be taxed as income?
That's an interesting point and I see where you're coming from. I would like to see a definitive answer to file away for the future.
Wouldn't stress over it though.
Some light reading here
https://www.irs.gov/individuals/international-taxpayers/taxation-of-dual-status-aliens
https://www.irs.gov/individuals/international-taxpayers/nonresident-alien-spouse
And this is an interesting one.
https://www.gov.uk/hmrc-internal-manuals/double-taxation-relief/dt19876b
Be a while before I can digest though...busy doing my own taxes.
How does your situation apply Dee?
Wouldn't stress over it though.
Some light reading here
https://www.irs.gov/individuals/international-taxpayers/taxation-of-dual-status-aliens
https://www.irs.gov/individuals/international-taxpayers/nonresident-alien-spouse
And this is an interesting one.
https://www.gov.uk/hmrc-internal-manuals/double-taxation-relief/dt19876b
Be a while before I can digest though...busy doing my own taxes.
How does your situation apply Dee?
Thank you both.
Apr 5th 2019, 10:26 pm
#19
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Re: Tax Help (stressed out)
I feel this may be key...
U.S. Tax Treatment of Contributions to a Foreign Retirement Plan
Generally, a foreign pension or retirement savings plan is not considered a “qualified plan” under U.S. tax rules because a foreign retirement plan is usually not structured to conform to the complex rules for qualification under IRC section 401. Also, the requirement that the trust holding the plan assets be a trust created or organized in the United States will most likely not be met.
Therefore, any participant contributions to the plan would not be deductible, and any contributions made by an employer may be considered taxable compensation. If an employee’s beneficial interest in a trust is either transferable or not subject to a substantial risk of forfeiture (vested) at the time a contribution is made by an employer, the contribution is currently subject to tax.
Tax treaties may provide exceptions to the above rules and provide a participant in a foreign pension plan with the benefits provided under a U.S.-qualified plan. For example, Article 18 of the U.S./U.K. Income Tax Treaty allows transferred employees to remain in their respective home country pension plans without having employer contributions to these plans taxed as imputed income by their host countries. In addition, both employer and employee contributions to the home country pension plan will be tax-deductible in the host country. But these rules only apply if the following conditions are met:
U.S. Tax Treatment of Contributions to a Foreign Retirement Plan
Generally, a foreign pension or retirement savings plan is not considered a “qualified plan” under U.S. tax rules because a foreign retirement plan is usually not structured to conform to the complex rules for qualification under IRC section 401. Also, the requirement that the trust holding the plan assets be a trust created or organized in the United States will most likely not be met.
Therefore, any participant contributions to the plan would not be deductible, and any contributions made by an employer may be considered taxable compensation. If an employee’s beneficial interest in a trust is either transferable or not subject to a substantial risk of forfeiture (vested) at the time a contribution is made by an employer, the contribution is currently subject to tax.
Tax treaties may provide exceptions to the above rules and provide a participant in a foreign pension plan with the benefits provided under a U.S.-qualified plan. For example, Article 18 of the U.S./U.K. Income Tax Treaty allows transferred employees to remain in their respective home country pension plans without having employer contributions to these plans taxed as imputed income by their host countries. In addition, both employer and employee contributions to the home country pension plan will be tax-deductible in the host country. But these rules only apply if the following conditions are met:
- The tax relief granted by the host country for employee contributions to home country plans is limited to the amount of relief that would have been available under a pension plan established in the host country; for example, a U.K. national assignee temporarily employed in the U.S. who continues to participate in a U. K pension plan would not be able to deduct more than the 401(k) limit proscribed under IRC section 402(g) (for 2012, $17,000).
- The employee must have already been a member of, and participating in, the home country pension plan before moving to the host country.
- If the employee is only taxed on the amount remitted or received in the host country, the available tax relief will be reduced proportionally.
- The pension plan must be accepted as a generally “corresponding pension scheme” (as described below) by appropriate authorities in the host country.
- Qualified plans under IRC section 401(a), such as 401(k) plans,
- Individual Retirement Accounts (including traditional, SEP and Roth IRA),
- Qualified plans under IRC Section 403(a) and (b), and
- U.K.-approved employment-related retirement benefit schemes (for purposes of Chapter 1 of Part XIV of the Income and Corporation Taxes Act of 1988) and personal pension schemes approved under Chapter IV of Part XIV of the act).
Last edited by Hotscot; Apr 5th 2019 at 11:06 pm.
Apr 6th 2019, 1:40 am
#20
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Re: Tax Help (stressed out a lot)
I feel this may be key...
U.S. Tax Treatment of Contributions to a Foreign Retirement Plan
Generally, a foreign pension or retirement savings plan is not considered a “qualified plan” under U.S. tax rules because a foreign retirement plan is usually not structured to conform to the complex rules for qualification under IRC section 401. Also, the requirement that the trust holding the plan assets be a trust created or organized in the United States will most likely not be met.
Therefore, any participant contributions to the plan would not be deductible, and any contributions made by an employer may be considered taxable compensation. If an employee’s beneficial interest in a trust is either transferable or not subject to a substantial risk of forfeiture (vested) at the time a contribution is made by an employer, the contribution is currently subject to tax.
Tax treaties may provide exceptions to the above rules and provide a participant in a foreign pension plan with the benefits provided under a U.S.-qualified plan. For example, Article 18 of the U.S./U.K. Income Tax Treaty allows transferred employees to remain in their respective home country pension plans without having employer contributions to these plans taxed as imputed income by their host countries. In addition, both employer and employee contributions to the home country pension plan will be tax-deductible in the host country. But these rules only apply if the following conditions are met:
The tax relief granted by the host country for employee contributions to home country plans is limited to the amount of relief that would have been available under a pension plan established in the host country; for example, a U.K. national assignee temporarily employed in the U.S. who continues to participate in a U. K pension plan would not be able to deduct more than the 401(k) limit proscribed under IRC section 402(g) (for 2012, $17,000).
The employee must have already been a member of, and participating in, the home country pension plan before moving to the host country.
If the employee is only taxed on the amount remitted or received in the host country, the available tax relief will be reduced proportionally.
The pension plan must be accepted as a generally “corresponding pension scheme” (as described below) by appropriate authorities in the host country.
Generally corresponding pension schemes include—
Qualified plans under IRC section 401(a), such as 401(k) plans,
Individual Retirement Accounts (including traditional, SEP and Roth IRA),
Qualified plans under IRC Section 403(a) and (b), and
U.K.-approved employment-related retirement benefit schemes (for purposes of Chapter 1 of Part XIV of the Income and Corporation Taxes Act of 1988) and personal pension schemes approved under Chapter IV of Part XIV of the act).
U.S. Tax Treatment of Contributions to a Foreign Retirement Plan
Generally, a foreign pension or retirement savings plan is not considered a “qualified plan” under U.S. tax rules because a foreign retirement plan is usually not structured to conform to the complex rules for qualification under IRC section 401. Also, the requirement that the trust holding the plan assets be a trust created or organized in the United States will most likely not be met.
Therefore, any participant contributions to the plan would not be deductible, and any contributions made by an employer may be considered taxable compensation. If an employee’s beneficial interest in a trust is either transferable or not subject to a substantial risk of forfeiture (vested) at the time a contribution is made by an employer, the contribution is currently subject to tax.
Tax treaties may provide exceptions to the above rules and provide a participant in a foreign pension plan with the benefits provided under a U.S.-qualified plan. For example, Article 18 of the U.S./U.K. Income Tax Treaty allows transferred employees to remain in their respective home country pension plans without having employer contributions to these plans taxed as imputed income by their host countries. In addition, both employer and employee contributions to the home country pension plan will be tax-deductible in the host country. But these rules only apply if the following conditions are met:
The tax relief granted by the host country for employee contributions to home country plans is limited to the amount of relief that would have been available under a pension plan established in the host country; for example, a U.K. national assignee temporarily employed in the U.S. who continues to participate in a U. K pension plan would not be able to deduct more than the 401(k) limit proscribed under IRC section 402(g) (for 2012, $17,000).
The employee must have already been a member of, and participating in, the home country pension plan before moving to the host country.
If the employee is only taxed on the amount remitted or received in the host country, the available tax relief will be reduced proportionally.
The pension plan must be accepted as a generally “corresponding pension scheme” (as described below) by appropriate authorities in the host country.
Generally corresponding pension schemes include—
Qualified plans under IRC section 401(a), such as 401(k) plans,
Individual Retirement Accounts (including traditional, SEP and Roth IRA),
Qualified plans under IRC Section 403(a) and (b), and
U.K.-approved employment-related retirement benefit schemes (for purposes of Chapter 1 of Part XIV of the Income and Corporation Taxes Act of 1988) and personal pension schemes approved under Chapter IV of Part XIV of the act).
I tried to find information about the savings clause and unsure whether this would allow me to use the tax treaty but had no luck.
I feel like my first year tax return has got alot more complicated
Apr 6th 2019, 2:12 am
#21
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Re: Tax Help (stressed out)
Sorry, forgot the link....
Tax Implications of Foreign Pension Plan Participation
For me it's interesting trying to figure it all out.
Many people make mistakes on their returns The IRS are nothing to be feared.
They're unlikely to kick down your door and drag you away.
Even if they do find an error they often just send a letter to tell you.
Anyway, on this matter you'll be the expert soon.
Tax Implications of Foreign Pension Plan Participation
For me it's interesting trying to figure it all out.
Many people make mistakes on their returns The IRS are nothing to be feared.
They're unlikely to kick down your door and drag you away.
Even if they do find an error they often just send a letter to tell you.
Anyway, on this matter you'll be the expert soon.
Apr 6th 2019, 2:37 am
#22
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Joined: Feb 2017
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Re: Tax Help (stressed out)
Sorry, forgot the link....
Tax Implications of Foreign Pension Plan Participation
For me it's interesting trying to figure it all out.
Many people make mistakes on their returns The IRS are nothing to be feared.
They're unlikely to kick down your door and drag you away.
Even if they do find an error they often just send a letter to tell you.
Anyway, on this matter you'll be the expert soon.
Tax Implications of Foreign Pension Plan Participation
For me it's interesting trying to figure it all out.
Many people make mistakes on their returns The IRS are nothing to be feared.
They're unlikely to kick down your door and drag you away.
Even if they do find an error they often just send a letter to tell you.
Anyway, on this matter you'll be the expert soon.
Thanks I am trying to learn more but I find it pretty confusing. I just hope there is no harsh penalties etc if there is a mistake ..I am unclear on whether it's a trust or whether it's not a trust but just a standard pension plan. I really hope the user Cook_County or theOAP view this topic and contribute as their input is greatly appreciated and I feel this discussion is helping unravel great discussion surrounding the topic where other users can learn from.
I found this from the link you provided.
Tax Treatment of Earnings in a Foreign Plan
U.S. taxpayers are generally subject to current taxation on income earned in a foreign retirement plan unless the plan is considered an employer-sponsored plan under IRC section 402(b) and the individual is not considered a highly compensated employee (IRC section 414[q]).
If a foreign trust is not considered an employer-sponsored plan or employee benefit trust, the foreign trust is generally considered a grantor trust under IRC section 671.
U.S. taxpayers are generally subject to current taxation on income earned in a foreign retirement plan unless the plan is considered an employer-sponsored plan under IRC section 402(b) and the individual is not considered a highly compensated employee (IRC section 414[q]).
If a foreign trust is not considered an employer-sponsored plan or employee benefit trust, the foreign trust is generally considered a grantor trust under IRC section 671.
Can I use the US/UK tax treaty after filing the statement so me and my wife could file married filing jointly? I did not understand the savings clause in relation to this .
Last edited by dee98; Apr 6th 2019 at 3:02 am.
Apr 6th 2019, 6:10 pm
#23
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Re: Tax Help (stressed out)
For the books, and no other reason than general knowledge, a foreign pension is non-qualified deferred compensation. The non-qualified bit is a killer.
IRS reporting and foreign pensions are like trying to mix oil and water. If perfection is required, it's best to use a qualified, highly competent, US/UK tax advisor. The changing value is due to the investment side resulting in growth of the pension funds. Yes, it can be a tax reporting event, but, no, due to unfathomable IRS regulations and in conjunction with the relevant treaty, most don't bother. Cook_County (a frequent poster here) will know all the ins and outs of reporting growth in the pension. I don't.
Any contributions made before becoming a US Person generally are not a part of year to year IRS reporting.
Are contributions still being made by you or the employer to the pension. I would guess they are not. If they were, and your contributions exceeded the company's contributions, I believe a 3250 would be required (grantor trust). There may be other reasons to file in conjunction to a treaty position, but that is above my knowledge level. Most, rightly or wrongly, allow an inactive plan to remain dormant with no reporting (other than FBAR/8938) until the actual drawdown phase.
If you are resident in the US, the threshold for a single (S, MFS) taxpayer is $50,000 on the last day of the tax year, or $75,000 at any time during the year. For a married taxpayer filing MFJ, the amounts are $100,000 on the last day of the tax year, or $150,000 at any time during the year. NOTE: that is the aggregate value of all foreign assets/accounts, at their maximum amounts during the year, when combined.
No pension information is needed for schedule B during the dormant phase. If the pension pays dividends, then Part II may come into play, but I have no knowledge level on this.
What type of pension do you have? Company pensions can be Defined Benefit, Defined Contribution, auto-enrolled Personal Pensions (and there are now many more auto-enrolled types), plus others. Generally, all pension plans are reported on an FBAR with the exception of the Defined Benefit pension. ALL foreign pensions plans are reported on 8938, including a Defined Benefit plan.
As a side note, this year is the first time I have seen the words 'foreign' and 'pension' side by side in the general instructions for the 1040 form itself. Yes, it's been on 8938 and others, but never any basic instructions in Pub. 17 or 1040i, including which line to use to declare the foreign pensions - until this year. Who knows what additional information may become available next year!
IRS reporting and foreign pensions are like trying to mix oil and water. If perfection is required, it's best to use a qualified, highly competent, US/UK tax advisor. The changing value is due to the investment side resulting in growth of the pension funds. Yes, it can be a tax reporting event, but, no, due to unfathomable IRS regulations and in conjunction with the relevant treaty, most don't bother. Cook_County (a frequent poster here) will know all the ins and outs of reporting growth in the pension. I don't.
Any contributions made before becoming a US Person generally are not a part of year to year IRS reporting.
Are contributions still being made by you or the employer to the pension. I would guess they are not. If they were, and your contributions exceeded the company's contributions, I believe a 3250 would be required (grantor trust). There may be other reasons to file in conjunction to a treaty position, but that is above my knowledge level. Most, rightly or wrongly, allow an inactive plan to remain dormant with no reporting (other than FBAR/8938) until the actual drawdown phase.
If you are resident in the US, the threshold for a single (S, MFS) taxpayer is $50,000 on the last day of the tax year, or $75,000 at any time during the year. For a married taxpayer filing MFJ, the amounts are $100,000 on the last day of the tax year, or $150,000 at any time during the year. NOTE: that is the aggregate value of all foreign assets/accounts, at their maximum amounts during the year, when combined.
No pension information is needed for schedule B during the dormant phase. If the pension pays dividends, then Part II may come into play, but I have no knowledge level on this.
What type of pension do you have? Company pensions can be Defined Benefit, Defined Contribution, auto-enrolled Personal Pensions (and there are now many more auto-enrolled types), plus others. Generally, all pension plans are reported on an FBAR with the exception of the Defined Benefit pension. ALL foreign pensions plans are reported on 8938, including a Defined Benefit plan.
As a side note, this year is the first time I have seen the words 'foreign' and 'pension' side by side in the general instructions for the 1040 form itself. Yes, it's been on 8938 and others, but never any basic instructions in Pub. 17 or 1040i, including which line to use to declare the foreign pensions - until this year. Who knows what additional information may become available next year!
As my pension had more employer contributions than employee contributions I am correct in saying that this is NOT a grantor trust and 3250 form would not apply?
I elected to be a US resident for tax purposes so me and my wife could MFJ for our first year taxes as I was still waiting for my green card. Is there anything in the savings clause that would allow me to exercise the tax treaty so my UK employer contributions to my foreign pension are not taxed..I intend on filing an amended return.
Apr 6th 2019, 6:31 pm
#24
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Re: Tax Help (stressed out)
Originally Posted by Cook_County
Dee - a pension plan of the kind you describe is a non-US financial account and would be included on an FBAR each year. Schedule B, Part III & 8938 are also required. You may wish to file a Form 8833 if you are electing to use the treaty so that employer contributions are not subject to current US tax.
My deepest apologies I re-read your reply and now realise you did not mention a 3520, this was my mistake ..sorry! I thought you did and I started to believe my pension is a trust. Though for clarity as my employer contributed to the pension more than I did my pension plan is not considered a trust?
Would you know if the UK/US tax treaty would be applicable if a NRA elected to be a US resident so they could file MFJ? I am not too familiar with the savings clause in the tax treaty regarding this.
I hope to hear from you son, you seem to be extremely knowledgeable about this topic according to theOAP and greatly appreciate your input and advice.
Many Thanks
Dee
Apr 6th 2019, 6:34 pm
#25
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Re: Tax Help (stressed out)
Dee
You're needlessly searching for minutiae to worry about. (And often ignoring the information/advice given.)
Often it's not an exact science and therefore it can be very difficult to find a definitive answer. (Or if it is possible to get a definitive answer you may have to pay $$$ to get one, and the 'definitive' answer could be 'maybe/probably/probably not'. Take your pick.
And sometimes definitive answers are not forthcoming unless it's been tested via a court filing.
I know I personally wouldn't amend. More important things to be getting on with, like watching the grass grow.
As Cook says you may wish to file 8833, or you may not. In my opinion no serious consequences if ever.
In relation to your case I would only concern myself with FBAR/FATCA if you reached those thresholds.
Don't sweat the rest...but if you do put yourself through this torture please update the forum
You're needlessly searching for minutiae to worry about. (And often ignoring the information/advice given.)
Often it's not an exact science and therefore it can be very difficult to find a definitive answer. (Or if it is possible to get a definitive answer you may have to pay $$$ to get one, and the 'definitive' answer could be 'maybe/probably/probably not'. Take your pick.
And sometimes definitive answers are not forthcoming unless it's been tested via a court filing.
I know I personally wouldn't amend. More important things to be getting on with, like watching the grass grow.
As Cook says you may wish to file 8833, or you may not. In my opinion no serious consequences if ever.
In relation to your case I would only concern myself with FBAR/FATCA if you reached those thresholds.
Don't sweat the rest...but if you do put yourself through this torture please update the forum
Last edited by Hotscot; Apr 6th 2019 at 7:00 pm.
Apr 6th 2019, 9:50 pm
#26
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Re: Tax Help (stressed out)
Dee
You're needlessly searching for minutiae to worry about. (And often ignoring the information/advice given.)
I just want to ensure that my employer pension plan is not a trust as I don't want to say no if I were to say yes on schedule B for this year as the deadline is approaching extremely soon.
I know I personally wouldn't amend. More important things to be getting on with, like watching the grass grow.
As Cook says you may wish to file 8833, or you may not. In my opinion no serious consequences if ever.
I get it though I never mentioned to Cook about the NRA elected as a US resident statement on our first year of taxes as a married couple. So can I even do the 8833 anymore? I would love to hear Cook's input on the situation. It would be immensely appreciated Cook, I am giving myself bad anxiety stressing over this .
In relation to your case I would only concern myself with FBAR/FATCA if you reached those thresholds.
Don't sweat the rest...but if you do put yourself through this torture please update the forum
Which would be 8938 and FBAR (if applicable for any future year). I just want all to be fine mate, I suffer from anxiety which definitely does not help the situation.
You're needlessly searching for minutiae to worry about. (And often ignoring the information/advice given.)
I just want to ensure that my employer pension plan is not a trust as I don't want to say no if I were to say yes on schedule B for this year as the deadline is approaching extremely soon.
I know I personally wouldn't amend. More important things to be getting on with, like watching the grass grow.
As Cook says you may wish to file 8833, or you may not. In my opinion no serious consequences if ever.
I get it though I never mentioned to Cook about the NRA elected as a US resident statement on our first year of taxes as a married couple. So can I even do the 8833 anymore? I would love to hear Cook's input on the situation. It would be immensely appreciated Cook, I am giving myself bad anxiety stressing over this .
In relation to your case I would only concern myself with FBAR/FATCA if you reached those thresholds.
Don't sweat the rest...but if you do put yourself through this torture please update the forum
Which would be 8938 and FBAR (if applicable for any future year). I just want all to be fine mate, I suffer from anxiety which definitely does not help the situation.
Last edited by dee98; Apr 6th 2019 at 9:52 pm.
Apr 6th 2019, 10:36 pm
#27
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Re: Tax Help (stressed out)
Dee...remember generally, that it's opinions you get here. Quite informed but still opinion.
But you're not goosed by any means. I have no doubt about that.
You seem to jump back to the 'trust' aspect continually so let me ask, and I want you to answer specifically.
Why do you think you may have a trust when it just looks like a bog standard occupational pension?
Did someone indicate this?
Have you read about it somewhere?
Let's have a look at that first. Go slow. (I'm sorry about your anxiety, I'm aware it can't simply be brushed off.)
File for an extension if you'd like.
https://www.irs.gov/newsroom/cant-fi...extension-2013
Are you using TurboTax or similar? The software can be good at talking you through the steps.
But you're not goosed by any means. I have no doubt about that.
You seem to jump back to the 'trust' aspect continually so let me ask, and I want you to answer specifically.
Why do you think you may have a trust when it just looks like a bog standard occupational pension?
Did someone indicate this?
Have you read about it somewhere?
Let's have a look at that first. Go slow. (I'm sorry about your anxiety, I'm aware it can't simply be brushed off.)
File for an extension if you'd like.
https://www.irs.gov/newsroom/cant-fi...extension-2013
Are you using TurboTax or similar? The software can be good at talking you through the steps.
Last edited by Hotscot; Apr 6th 2019 at 10:55 pm.
Apr 7th 2019, 9:09 pm
#28
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Re: Tax Help (stressed out)
You seem to jump back to the 'trust' aspect continually so let me ask, and I want you to answer specifically.
Why do you think you may have a trust when it just looks like a bog standard occupational pension?
Did someone indicate this?
Have you read about it somewhere?
Let's have a look at that first.
Why do you think you may have a trust when it just looks like a bog standard occupational pension?
Did someone indicate this?
Have you read about it somewhere?
Let's have a look at that first.
The (Company Name) Plan (the "plan") was set up so that it is totally separate from (Company Name). It is established as a trust and the trustees are responsible for running the plan in accordance with the trust deed and rules and other governing documentation for the plan.
(Lists names of 6 trustees)
The Pensions Act 2004 states that at least one third of the Trustee board must be nominated by the members. The current Member Nominated Trustees (MNTs) (name1 + name2) have now completed their terms of office and therefore further nominations are required.
At this time, as an active member of the plan, you are asked whether you wish to nominate other members of the plan to serve as a MNT.
If you would like to nominate a new trustee please read through the following document carefully and complete the attached form.
Apr 7th 2019, 9:34 pm
#29
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Re: Tax Help (stressed out)
Ok. Good work. Wish you'd found that first.
I'll get back to you with further opinion.
I'll get back to you with further opinion.
Apr 7th 2019, 10:39 pm
#30
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Re: Tax Help (stressed out)
Just when I thought it was over and all is well now this ...! I read on the pensionsregulator.gov site
"The law requires that most occupational pension schemes in the UK are set up as trusts. A trust ensure that the pension scheme's asset's are kept separate from those of the employer. This is important for the security of members benefits"
Does this require a 3520 and 3520a each year? I assume this is an employee trust and not a grantor trust .Any other British Expats who are familiar with this topic would appreciate your input too, hotscot you have been great as always thank you very much for all your help.
Cook_County you are a US tax expert I'd greatly appreciate your input on the above. Do you think there is a lot of British Expats thar have foreign trusts if the majority of these occupational defined contribution plans are set up as National Employment Savings Trust's? (NEST)
Last edited by dee98; Apr 7th 2019 at 11:06 pm.