Taxation
#1
Taxation
I asked my CPA about this and got an answer but I'm confused and thought I would check in here and see what people say.
If someone in the US has some stocks and bonds- which they draw income from and even take against principle- and are taxed heavily on them, what happens when that person moves to the UK? Are they then double taxed- both in the US and the UK?
In easier terms, if someone were to receive income from trust fund stocks in the US while living in the UK, how would that work tax wise?
If someone in the US has some stocks and bonds- which they draw income from and even take against principle- and are taxed heavily on them, what happens when that person moves to the UK? Are they then double taxed- both in the US and the UK?
In easier terms, if someone were to receive income from trust fund stocks in the US while living in the UK, how would that work tax wise?
#2
Re: Taxation
I asked my CPA about this and got an answer but I'm confused and thought I would check in here and see what people say.
If someone in the US has some stocks and bonds- which they draw income from and even take against principle- and are taxed heavily on them, what happens when that person moves to the UK? Are they then double taxed- both in the US and the UK?
In easier terms, if someone were to receive income from trust fund stocks in the US while living in the UK, how would that work tax wise?
If someone in the US has some stocks and bonds- which they draw income from and even take against principle- and are taxed heavily on them, what happens when that person moves to the UK? Are they then double taxed- both in the US and the UK?
In easier terms, if someone were to receive income from trust fund stocks in the US while living in the UK, how would that work tax wise?
#4
BE Enthusiast
Joined: Oct 2011
Location: UK
Posts: 745
Re: Taxation
I asked my CPA about this and got an answer but I'm confused and thought I would check in here and see what people say.
If someone in the US has some stocks and bonds- which they draw income from and even take against principle- and are taxed heavily on them, what happens when that person moves to the UK? Are they then double taxed- both in the US and the UK?
In easier terms, if someone were to receive income from trust fund stocks in the US while living in the UK, how would that work tax wise?
If someone in the US has some stocks and bonds- which they draw income from and even take against principle- and are taxed heavily on them, what happens when that person moves to the UK? Are they then double taxed- both in the US and the UK?
In easier terms, if someone were to receive income from trust fund stocks in the US while living in the UK, how would that work tax wise?
if you are resident in UK liable for UK tax then you would report to HMRC the dividend and interest income of US Stocks and Bonds that you hold directly.
The focus of HMRC is to tax income.
Then if you are also obliged to file tax in US while resident in UK (e.g. if you are a US citizen) you would be obliged to report said income to US, be liable for US tax on it BUT be able to claim credit for having paid tax in the UK.
In my case, US dividend and interest income is not taxed at source so I don't pay the US tax up-front; I file UK report and then I file US report and claim credit for UK tax paid and this results in no tax due to US.
Trust Fund Stock; - I don't have any and not sure what they are so regret cannot speak with any authority on that matter.
#5
BE Enthusiast
Joined: Oct 2011
Location: UK
Posts: 745
Re: Taxation
First thing to know is if your OH is UK resident or not.
Then I would look on the HMRC website , here's a starter location http://www.hmrc.gov.uk/international/tax-return.htm and if still not clear I would phone HMRC 0845 300 0627 or drop in at a local HMRC inquiries office.
This can all be anonymous if you so wish