Hi there. We lived in USA between 2005 and 2010. We have returned back to the UK. I am a dual national and my wife holds a green card, which she now needs to give up - as it looks like we will be in UK for the long haul. We own a property in UK. Will she be liable for an exit tax noting she does not work?
We live in UK and own a UK home. I am a dual citizen, my wife only has a green card. Exit tax refers to US not UK. Hope this clarifies?
Hi Ely. We do our UK and US tax returns every year anyway. Unfortunately since we now live in UK, we need to surrender her greencard as are unlikely to return to UK. As such just trying to understand whether she will have to pay an exit tax the same way I would have to if I gave up my citizenship ie will we be taxed on our UK home (primary residence) even though we have not sold it. Not sure if I am explaining my question well
Thanks Ely. Wow - you caught me out on that as I never even heard of this tax. Se has held a greencard since 2005 - so 10 years now. Since she does not work, since we only own half of our house (other half is mortgaged) and we are not worth USD 2 mio, and since we have filed tax returns for last 10 years, hope this will not be applicable to us.