British stocks in U.S. retirement account

Phil is a U.S. citizen who lives and works in the U.S.
On Thursday October 6, 2005, he will also become a British citizen but will continue living and working in the U.S.  (for a while anyway). 
Phil currently holds stocks of British companies in his U.S. IRA (individual retirement account).   Are there any U.K tax implications given that he does not work or does not otherwise earn money in the U.K? 

Phil is fine.  Under the US/UK tax treaty, IRAs are treated as pensions.  As such, the IRA will be taxed in the UK only if he's living in the UK and drawing on it.