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Topic: Does IRS tax UK ISA interest?  (Read 476 times)

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Does IRS tax UK ISA interest?
« on: December 22, 2023, 03:18:35 PM »
Hello,

Wondering if IRS taxes UK ISA interest.

TIA!
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Re: Does IRS tax UK ISA interest?
« Reply #1 on: December 22, 2023, 03:56:02 PM »
Yes. From the US' perspective, an ISA is treated like a normal bank account and doesn't benefit from the UK tax free wrapper.
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Re: Does IRS tax UK ISA interest?
« Reply #2 on: December 22, 2023, 04:03:49 PM »
An ISA has no special treatment in the US. Income within an ISA is subject to US tax. The account is reported on an FBAR and Form 8938.
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Re: Does IRS tax UK ISA interest?
« Reply #3 on: December 24, 2023, 06:44:00 AM »
Thank you both & Merry Christmas!
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