US tax on my UK-based endowment policy
Hi Everyone,
My family and I are planning to move to the US in a few months, and I'd appreciate any advice about the tax implications for our endowment policy. The policy is due to mature in about 4 years, and obviously there will be no UK tax on the payout. Am I correct that there will also be no tax payable in the US? Many thanks indeed in advance for your help, it's greatly appreciated. Warm regards |
Re: US tax on my UK-based endowment policy
|
Re: US tax on my UK-based endowment policy
Many thanks, really appreciate it. Cheers |
Re: US tax on my UK-based endowment policy
I recently had my endowment mature. I had been declaring it on my FBAR. Based on best current advice I paid tax on the "gain", i.e. final value transferred to my bank account - 25yrs of payments. If I had known (or truly appreciated it) I would have cashed it out before coming here. I regret not doing that, I had been under the mistaken impression that it was not taxable.
It was an annoying amount of tax, but I put it down to the cost of moving from UK to US, just like the cost of selling a UK car and buying a US car. |
Re: US tax on my UK-based endowment policy
Yeah, makes sense. Many thanks
|
All times are GMT. The time now is 1:51 pm. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.