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A UK tax resident will become US tax resident shortly and he

Resolved Question:

A UK tax resident will become US tax resident shortly and he wants to cash in his UK pension under the new pension rules after July 2015. Will he be tax on this pension cashing in in the US?
Submitted: 2 years ago.
Category: Tax
Expert:  MyVirtualCPA replied 2 years ago.
Thank you for your question, my name is ***** ***** I am an American CPA.

Article 18 of the US-UK tax treaty states that you are only taxed in your country of residence. Therefore, if you are a US tax resident you will be taxed on the pension. If you are a UK tax resident you will be taxed there. If you're both, then you are taxed in both places but in the US you can take a tax credit for the taxes you pay to the UK.

Please let me know if you need anything additional. If not, please rate positive so that I may receive credit for assisting you today. Thanks so much :-)
MyVirtualCPA, Accountant
Category: Tax
Satisfied Customers: 16559
Experience: CPA with Master's degree in accounting
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