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walkies_a Apprentice

walkies_a   0

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In moving to the US, I want to cash in some ISAs (approx 20000USD worth) and send the money to the US. Will I have to pay any tax in the US (i.e. capital gains?)

Does anybody have any ideas if I can transfer my UK NHS pesnion to the US? Or should I just leave it in the UK. I have 30+ years till retirement age!

Thanks again,

Andrew

Kez/JWolf Mentor

Kez/JWolf   6

Posted
Filed: Timeline
Posted
In moving to the US, I want to cash in some ISAs (approx 20000USD worth) and send the money to the US. Will I have to pay any tax in the US (i.e. capital gains?)

Does anybody have any ideas if I can transfer my UK NHS pesnion to the US? Or should I just leave it in the UK. I have 30+ years till retirement age!

Thanks again,

Andrew

Any tax payable would be in the UK when you cash them in.... you would not be taxed again the the withdrawal in the US...

You can not move an occupational pension from the UK to the US because of the diffrent way they are taxed.... you will have to leave it in the UK but keep them updated with your address in the US and you will be able to clain and receive payment here in the US when the time comes....

Kez

StoryAngel Proficient

StoryAngel   4

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Filed: Citizen (apr) Country: United Kingdom
 Timeline
Posted
Does anybody have any ideas if I can transfer my UK NHS pesnion to the US? Or should I just leave it in the UK. I have 30+ years till retirement age!

I also have about that amount of time till retirement... I'm a Brit living in NL and I have pension schemes in both places! I've been advised to leave them be and claim them when I retire... I'm counting on arranging a pension in the US (401K, is that right? Haven't done my homework on that yet) and then looking at my UK/NL ones as some nice extra pocket money when the time comes. The UK one for me is going to be so insignificant but might make a nice "gift fund" ... a bit of extra money with which to do something fun!

Keeping the pension companies up to date with your US address is really important. I'm also leaving bank accounts open in UK/NL for now. Who knows what the international money-sending options will be in 30 years' time?! I'm guessing it'll be easier than it is now, but I figured I may as well leave accounts open in those countries. Also makes it easier when visiting Europe in the future.

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