Guest kbrooks Posted February 4, 2011 Share Posted February 4, 2011 I have a substantial traditional IRA but would like all my US assets back in the UK so that my estate is more simple. I was wondering if anyone knows whether I could move this to a UK pension fund and what potential tax charges this could make me liable for. I am a UK domicile and UK tax resident and I am now in my 80's. Any help would be greatly appreciated. Link to comment Share on other sites More sharing options...
John G Posted February 4, 2011 Share Posted February 4, 2011 I am not an expert in this area, but isn't there the option of transferring your assets to a bank or brokerage that has operations both in the US and UK? Second point, assets in your regular IRA will pass to beneficiaries upon your death. You should make sure that your beneficiary designations are current, reflecting your wishes. If you are mainly concerned about administrative control, in the modern internet era, you can make transactions from a laptop or smartphone virtually anywhere in the world. {My wife and I were doing electronic bill payments from a bar in the "white towns" of Spain over 10 years ago.} Because of your age, you can certainly withdraw the funds. However, this may open up major tax issues...and I have no experience to address these. Perhaps one of our accountants will post on foreign points you raise. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now