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Regarding self assessment taxes. I'm a USA and UK citizen…

Regarding self assessment taxes. I'm...
Regarding self assessment taxes. I'm a USA and UK citizen and will need to file USA and UK (self assessment) tax returns. Both countries tax on worldwide income.In the USA I have a retirement account called an IRA. I trade stocks within it. On USA tax returns there is never any taxes on the PROFITS that come from the sale of the buying and selling of stocks in that type of account. Instead, taxes are PAID on the CASH WITHDRAWALS from the account.For example, say I have $100K in the account and by selling stocks I make $20K PROFIT FROM STOCK SALES during the 2017 tax year and make WITHDRAWALS totaling $10K during the 2017 tax year I would pay ordinary rate of income taxes on the WITHDRAWAL AMOUNT ($10K in this example).As my UK self assessment tax return would include worldwide income I'd obviously need to declare the profits or the withdrawals in this USA acccount. Would I be taxed on UK on the PROFITS or on the CASH WITHDRAWALS? I realize you don't have the same type of account in the UK by the way and even if you did it would unlikely to be structured and taxed in the same way.
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1/10/2018
Sam
Sam, Accountant
Category: UK Tax
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Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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Hi, Sam here, one of the UK Tax Experts here on Just Answer, Thank you for your question - I shall reply shortly.

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HI

I am afraid with Uk taxation, it would be the profits not just the withdrawals as profits are still made whether you utilise them or not and its on the basis that tax arises, and you have not indicated then these are then reinvested at source. (so are just used to purcahse new stock by the company with whom you invest - because if this is the case - that all profits are paid back into the same structure and company and stock by the account itself - then you will then in this instance only declare the withdrawals.

But you cannot draw the money down then repurchase stock yourself as this would not then be exempt under the example indicated above - there has to be a condition within the structure you have that automatically does this

let me know if you require any furtehr clarification or assistance

Thanks

Sam

Sam
Sam, Accountant
Category: UK Tax
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Customer reply replied 7 months ago
Ok thanks

HI

you are very welcome and thanks for rating the service

Thanks

Sam

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