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Topic: Very last tax question  (Read 1134 times)

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Very last tax question
« on: February 22, 2018, 02:16:41 PM »
In filling out the self-assessment forms, do you only put taxable income down on it? That is, if you have income that you know for a fact is not taxable in the UK because of, say, a tax treaty or other reasons, do you have to list it anywhere on the form?

Thanks.


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Re: Very last tax question
« Reply #1 on: February 22, 2018, 03:43:17 PM »
I had my UK return done by a tax pro this year and in section 19 - Any Other Information, she put in some explanation that the sums I received from my Roth Pension fund* are exempt from UK tax and are not listed on the return.

*I did a lot of IRA to Roth conversions prior to our return to the UK and am now taking the quarterly dividends as tax free income in both the US and UK
Dual USC/UKC living in the UK since May 2016


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Re: Very last tax question
« Reply #2 on: February 22, 2018, 06:50:02 PM »
Got it, thanks.  Found a place to download last year's foreign instructions for the self-assessment and it's pretty clear. I assume this year's (2017/18) will probably be about the same.

Wish I had a bigger pot available to convert to a Roth, but will be looking at moving at least part of what I have over.  I am really hoping to not touch the money, but to leave it for my Daughter so she'll have a little nest egg when I die. It would be nice if she didn't have to deal with taxes on it - if you think I've been a basket case about tax stuff, you'd not believe the Daughter. She... well, she'll never be an accountant.  ;)


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Re: Very last tax question
« Reply #3 on: February 22, 2018, 06:56:23 PM »
By the time I reach 70 in 7 years I will be receiving OAP and US SS along with my private pensions so mandatory withdrawals from my IRA will be taxed at 40% which has been my main incentive to get my IRA converted to my Roth. As you say it also makes the tax situation much easier for my children when they inherit.
Dual USC/UKC living in the UK since May 2016


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Re: Very last tax question
« Reply #4 on: February 22, 2018, 07:15:18 PM »
Yeah. Right now I'm living only on my Uni pension. I hope to not pull down from SS until I absolutely have to, so that the amount I do get, when I get it, is higher.  If I pull money out of my 403B and put it into the Roth, I'll be taxed on it, but at 15% by the IRS. No HMRC tax. Then the Daughter can get to it as needed (when needed) for free.  It seems a good idea.


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