Tax Levels Uk
June 10th, 2007
Tax Levels Uk
Question: My daughter is a US citizen, but lives in the UK. If I die and leave her an IRA, will she have to pay US taxe
on any withdrawels? How about UK taxes. This is a regular contributary IRA. She is relatively young and any withdrawells ould be below the level of having to pay US taxes. She has no other US income. She works in UK and pays regular taxes. are distributions from the IRA a taxable event in UK?
Answer: A US citizen is taxed on worldwide income. If she receives an inherited IRA the distribution to her is taxable to her regardless of her location.
She may treat an inherited as her own IRA and use it for her own retirement. This is a new rule, it may benefit you and your daughter.
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