ISA's and Unit trust type things

[Captain Oates 910]

Those of you with ISA's etc should know that the US will not recognize their tax free status and will tax you...

Even worse than that - much worse - is a UK unit trust or OIEC..

The IRS in the US hates these... they are 'foreign passive investments' as the unit trusts are not actually running the companies they invest in

being the land of the free, they don't ban them - they just tax them at 100% right back to the start

I had a really chunky profit going back to 1991 as I have been sticking the max investment in every year since then

Probably had around £170k in 'profit'

Imagine getting an invoice from the IRS for £170k !!!!

I have sold em all and shoved it in cash...

IF you have ISA or PEPS or OEICS or UNIT trusts

get advice if you don't have the background to check these out yourself

I know that most VJ'ers are young folk, students etc and they might think this is not relevant - but there are many others who are older and have some 'wool on their backs' as we say in Yorkshire - and these folk need to be very, very aware

I am selling all my shares etc and getting into cash 100% - cash is king in this situation...

[mawilson 2,133]

Those of you with ISA's etc should know that the US will not recognize their tax free status and will tax you...

Hmm. Wouldn't it be nice if you could roll an ISA over into an IRA...

[Captain Oates 910]

Those of you with ISA's etc should know that the US will not recognize their tax free status and will tax you...

Hmm. Wouldn't it be nice if you could roll an ISA over into an IRA...

Yes it would- the good news is that one of the few countries in the world where you can have your UK state pension paid AND have it increased - is the USA

I guess its too much admin to recognize each others tax free vehicles- understandable

[cheeky^Wolf 0]

Those of you with ISA's etc should know that the US will not recognize their tax free status and will tax you...

Only if you tell em

[Captain Oates 910]

Those of you with ISA's etc should know that the US will not recognize their tax free status and will tax you...

Only if you tell em

Hey don't think I didn't think about it ! these piggin computers though - look what they did to al capone for tax evasion and that was before computers..

Uncle Sam isn't as fluffy as the Inland Revenue so I am trying to play it (almost) straight..

If I lend my pal 100 quid and he gives me 105 back in cash, I will not report that - anything else I am going to tell em- not coz I am a goody - but because some risks are not worth it...

No legower for 20 years and all those seagulls bleating outside my cell - aaaarggghhh no way