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Topic: Do seven years matter?  (Read 1157 times)

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Do seven years matter?
« on: January 20, 2019, 06:06:09 PM »
Hi all I'm coming up to seven years since I went back to the US. I've never heard of the 'seven years' mark mattering in particular, but I know that sometimes it does in legal stuff. (For instance in all states apart from TN my family could after seven years argue my death because of my absence.) Have any of you come across any changes in status that tick over after the seven year mark? If I need to rush home in the next few weeks I want to know about it! Thanks!


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Re: Do seven years matter?
« Reply #1 on: January 20, 2019, 06:44:57 PM »
Never heard anything of the kind, no.  :)


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Re: Do seven years matter?
« Reply #2 on: January 20, 2019, 06:50:21 PM »
Unless you are trying to let the clock run out on a statute of limitations in which case better not to go back until later!  ;)


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Re: Do seven years matter?
« Reply #3 on: January 20, 2019, 06:58:52 PM »
7 years matter with Inheritance Tax in England. (You can give away as much as you want and it will be totally exempted from your estate for inheritance tax purposes if you live for 7 years after making the gift(s) )

I’m not aware of any other 7 years rules in UK or US.
Dual USC/UKC living in the UK since May 2016


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Re: Do seven years matter?
« Reply #4 on: January 20, 2019, 07:44:12 PM »
Hi all I'm coming up to seven years since I went back to the US.

If I need to rush home in the next few weeks I want to know about it!

Citizenship?

If you are a UK citizen only living in the US on a green card (long term permanent resident) and leave to come back to the UK permanently, then 7 years would be a factor for additional IRS forms to file.



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Re: Do seven years matter?
« Reply #5 on: January 20, 2019, 08:05:20 PM »
I'm US citizen, born; lived here since 1999; UK citizen since 1997 ish, so green cards aren't an issue for me, thank goodness! My family faking my death might be!


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Re: Do seven years matter?
« Reply #6 on: January 21, 2019, 08:19:41 AM »
If you were UK resident for 7 of 9 of the previous UK tax years, you would have to start paying an additional £30,000 to HMRC to access the remittance basis. Electing to claim the remittance basis is however rare for US citizens.


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