US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
#1
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Joined: Nov 2013
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US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
Hi all,
These forums are great. I wanted to ask if anyone knew the status to peer-to-peer lenders in the UK, with regard to the US IRS and PFIC.
I still hold some sterling and am not ready to move it all to the US. However it's stuck in the UK earning nothing as cash, while I try and figure out the mine-field that is PFIC. I don't want to directly invest in shares (and struggle to find a UK broker that would accept a US resident).
I wondered if starting to do some peer to peer lending in the UK would be treated as a PFIC? Or more generally, if anyone knew tax implications of P2P lending?
Or more generally, how have people dealt with UK £ holdings whilst resident in the US?
Thanks guys,
These forums are great. I wanted to ask if anyone knew the status to peer-to-peer lenders in the UK, with regard to the US IRS and PFIC.
I still hold some sterling and am not ready to move it all to the US. However it's stuck in the UK earning nothing as cash, while I try and figure out the mine-field that is PFIC. I don't want to directly invest in shares (and struggle to find a UK broker that would accept a US resident).
I wondered if starting to do some peer to peer lending in the UK would be treated as a PFIC? Or more generally, if anyone knew tax implications of P2P lending?
Or more generally, how have people dealt with UK £ holdings whilst resident in the US?
Thanks guys,
#2
Re: US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
I would avoid anything other than a simple interest bearing account through with a bank or building society, individual shares or US registered ETFs that are also UK reporting.
#3
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Joined: Nov 2013
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Re: US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
Thanks for the reply! I've heard about us registered etfs that are UK Reporting but I've been unable to actually find any. What are they and how can I invest in then?
Thanks!
#4
Re: US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
Basically you are looking at US Vanguard ETFs....
#5
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Re: US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
Thanks Nun. Appreciate your help.
That's what I heard - and frankly what I'd prefer.
But when I asked Vanguard's uk operation they said that they are all domiciled in the UK or Ireland. And suggested I contact their US operations (which I assume would mean converting to dollars and investing dollars).
Any suggestions?
That's what I heard - and frankly what I'd prefer.
But when I asked Vanguard's uk operation they said that they are all domiciled in the UK or Ireland. And suggested I contact their US operations (which I assume would mean converting to dollars and investing dollars).
Any suggestions?
#6
Re: US Taxes for UK resident: PFIC & Sterling investment options? Peer to Peer?
Thanks Nun. Appreciate your help.
That's what I heard - and frankly what I'd prefer.
But when I asked Vanguard's uk operation they said that they are all domiciled in the UK or Ireland. And suggested I contact their US operations (which I assume would mean converting to dollars and investing dollars).
Any suggestions?
That's what I heard - and frankly what I'd prefer.
But when I asked Vanguard's uk operation they said that they are all domiciled in the UK or Ireland. And suggested I contact their US operations (which I assume would mean converting to dollars and investing dollars).
Any suggestions?