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Topic: HMRC and Roth conversions  (Read 497 times)

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HMRC and Roth conversions
« on: December 14, 2017, 08:31:05 PM »
I have been Googling around and it looks like USCs living in UK who do Roth conversions are only subject to US taxes on the conversion.  Has anyone looked into this? 

Thanks in advance.


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Re: HMRC and Roth conversions
« Reply #1 on: December 15, 2017, 04:56:59 PM »
If you do a search on the site you will find a few discussions on this like the thread below.


http://talk.uk-yankee.com/index.php?topic=81039.msg1087289#msg1087289

Quote
If you are a US citizen living in the UK, taxed on an arising basis and taking income from an IRA then the IRA to ROTH rollover is a great idea. If you take money directly from the IRA then you will have to deal with both US and UK tax. If instead you roll the IRA money over to a ROTH and the take the same amount out of the ROTH you will only pay US tax. This will save you some effort in tax filing and will save you money if your UK tax bill would have been larger than the US bill.
Dual USC/UKC living in the UK since May 2016


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