UK Endowment Policy Matures and Withholding tax
Hi,
I asked about this some time ago: http://britishexpats.com/forum/usa-5...policy-893890/ Some said there was no withholding tax. This was a policy that had payments made to it for less than ten years so I think they refer to this as non-qualifying. Tax was withheld in the UK. It appears to be 20%. Now I am thinking I likely have to file R43 next year to claim personal exemption. I can't claim a tax credit in the US on tax I didn't have to pay. I am guessing I don't have to pay all of this 20%. Seem reasonable? Gain was 10766 GBP. Our only income in the UK I expect for this tax year. So one less entry to chase each year for 8938 and FinCen 114!!!!! I still need to work out how to get a tax credit into drake for a 1099-R entry but I have a year to play with that. |
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