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US - UK Taxes / Re: US Money market funds
« Last post by nun on Yesterday at 07:05:49 PM »
Quote from: durhamlad on Yesterday at 11:43:05 AM
Looking at my last UK return they appear in schedule 3: Foreign Savings, and are listed as "Vanguard qualified dividends" (from my ETF equity fund) and "Vanguard unqualified dividends" from the Vanguard money market clearing account. The qualified dividends attract the lower tax rates and unqualified dividends get treated as interest.

Funds that have capital gains and dividends are the ones that get hurt the most  by the “non reporting” tax regime  as each year you have to pay tax on the capital gains and dividends at income tax rates. If all you have is a non reporting money market fund and declare the “dividends” as interest each year, then I think you are following the rules for non reporting funds.
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Visas & Citizenship / Re: E Visa
« Last post by Rico on Yesterday at 02:26:30 PM »
I am not much of a fan at the moment either.  In particular, because I don't currently have a valid driving licence, I don't like the loss of a compact, government-issued ID (BRP). 

Still, I was contacted via email to apply for the eVisa, as I have a BRP with ILR, about 5 weeks ago.  The process was a little finicky, but workable.  It appears to have gone through ok.

What's unclear at the moment is what to do about the rest of my family, who each also have ILR as dependants on my application.  As far as I'm aware, my email address is the only one associated with that application.  One might have expected to be able to process the rest of the group at about the same time.  However, I have not been able to do so when I have tried to follow the same instructions for them (ending at a point, after having successfully created an account for them, where the system notes that no application is pending for the individual).  I suppose I will wait for further emails to process the others individually, but more clarity about what to expect would be appreciated.
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US - UK Taxes / Re: US Money market funds
« Last post by durhamlad on Yesterday at 11:43:05 AM »
Quote from: nun on Yesterday at 11:09:37 AM
The Vanguard money market funds are not ETFs and do not appear on the HMRC reporting funds list. I think that strictly speaking they pay dividends rather than interest. But if you are declaring the "interest" every year and paying UK tax on it then that sounds like the right way to deal with a UK non-reporting fund anyway.

Looking at my last UK return they appear in schedule 3: Foreign Savings, and are listed as "Vanguard qualified dividends" (from my ETF equity fund) and "Vanguard unqualified dividends" from the Vanguard money market clearing account. The qualified dividends attract the lower tax rates and unqualified dividends get treated as interest.
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US - UK Taxes / Re: TIAA-CREF tax issue and contact issue
« Last post by nun on Yesterday at 11:16:27 AM »
Quote from: dunroving on May 16, 2024, 05:25:29 PM
Very helpful, thank you! I'll post back whenever I've learned more.

A 9.5% lifetime annuity is pretty damn good (even though I assume this doesn't not include annual COLA increases). I'm 67, and contributed to TIAA from 1996 to 2006 (although all the TIAA Trad contributions were made from 1996-1999).

The capital I have in TIAA Trad isn't huge, but enough that it makes sense to look into these options. I'd really like to tie a bow around this and not have it hanging there while I continue to receive interest-only payments.

That vintage of contributions will probably get you a good rate on the annuity. More recent contracts are not as generous as the older ones. The 73 year age top start the payout annuity seems strange because that's close to the RMD age limit, I'd expect to see age threasholds like 55 or 59 1/2 instead.
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Enduring the Distance / Expat guilt - does it ever go away?
« Last post by Melow44 on Yesterday at 11:12:25 AM »
Hiya, just wondering if anyone has advice around expat guilt? I’m a USC (only child) moved to be with British husband  several years ago. My parents took it reasonably well and slowly developed a relationship with my spouse. We ultimately tried a move back to the US but it was shortly after Covid and was a bit of a disaster (job loss/reverse culture shock/lack of supportetc) and ultimately made the move back to UK for at least short term. My parents have not responded well, to the point of blaming it all on my spouse and essentially ignoring him/our marriage. They’ve made it clear they feel I’ve abandoned them and prefer not knowing how my life is going in the UK. I can see how this is their own selfish behavior likely coming from a place of hurt, but I’m finding it difficult to move past it. Suppose just wonder if there are any other similar stories out there and if you’ve been able to work thru it?
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US - UK Taxes / Re: US Money market funds
« Last post by nun on Yesterday at 11:09:37 AM »
The Vanguard money market funds are not ETFs and do not appear on the HMRC reporting funds list. I think that strictly speaking they pay dividends rather than interest. But if you are declaring the "interest" every year and paying UK tax on it then that sounds like the right way to deal with a UK non-reporting fund anyway.
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US - UK Taxes / Re: US Money market funds
« Last post by durhamlad on May 16, 2024, 09:03:02 PM »
I am in a very similar position and hold money market accounts at VG US. I will continue to declare the interest to both the IRS and HMRC and pay taxes until I’m told otherwise. The dividends I get from my Vanguard ETF is different in that I get the lower IRS and HMRC rates.
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US - UK Taxes / US Money market funds
« Last post by taxi on May 16, 2024, 08:10:15 PM »


UK Yankee-

Regarding my US brokerage account at Vanguard (VG): I am a USC residing in the UK for 20+ years and file both US and UK Income Tax forms.

VG(US) currently has my Settlement Account in their Federal Money Market Fund. In addition, I also have some funds in their Cash Reserves Federal Money Market and Treasury Money Market Investor.

Would these funds be considered unregistered mutual funds and not eligible to be held by me? If yes, what would be an appropriate alternative at VG?

Thank you.

-Taxi

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US - UK Taxes / Re: TIAA-CREF tax issue and contact issue
« Last post by dunroving on May 16, 2024, 05:25:29 PM »
Quote from: nun on May 16, 2024, 12:20:35 PM
Yes there are definitely differences in the contracts between employers, but having to wait to age 72 to start the payout annuity seems strange. It might be helpful to check with your old employer's benefits department. I'm currently trying to decide between the 10 year payout annuity and a lifetime annuity. Most people will be better off with the payout annuity if they invest it sensibly, but TIAA quoted me a 9.5% payout rate on a lifetime annuity and I'm only in my early 60s so that's tempting.

Very helpful, thank you! I'll post back whenever I've learned more.

A 9.5% lifetime annuity is pretty damn good (even though I assume this doesn't not include annual COLA increases). I'm 67, and contributed to TIAA from 1996 to 2006 (although all the TIAA Trad contributions were made from 1996-1999).

The capital I have in TIAA Trad isn't huge, but enough that it makes sense to look into these options. I'd really like to tie a bow around this and not have it hanging there while I continue to receive interest-only payments.
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Healthcare and Insurance / Re: Me
« Last post by phatbeetle on May 16, 2024, 03:37:30 PM »
Been wondering how you've been. Missed you around here!  Glad the new treatment is working!  Sounds like you're just soaking in life as much as you can  [smiley=heart.gif]
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