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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I have an ex employer/employee US dollar savings plan which

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I have an ex employer/employee US dollar savings plan which is in an offshore account (Isle of White I think) If I withdraw from it will I have to pay tax on what I withdraw.

Hello, I am Keith, one of the experts on Just Answer and pleased to be able to help you with your question.

The Isle of Wight is not an UK offshore tax haven. Please verify the location of this fund.

Customer: replied 1 year ago.
Sorry it is the Isle of Man (see excerpt below).New international tax compliance requires that the following information is provided to the Trustee for each withdrawal from the Plan. The information will be held by the Trustee and may be provided to the Regulator and Assessor of Income Tax in the Isle of Man, where this Plan is regulated.

You will have to pay tax on these withdrawals as they will form part of your income in the tax year of withdrawal. You should declare the income on your annual self assessment Income tax Return.

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