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bigduckontax, Accountant
Category: Tax
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I have an ex employer/employee US dollar savings plan which

Resolved Question:

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.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

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.
Expert:  bigduckontax replied 1 year ago.

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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Expert:  bigduckontax replied 1 year ago.

Thank you for your support.

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