Timeline for Applying for "Help to buy" ISA. Asks for TIN number. Should I worry? (UK)
Current License: CC BY-SA 3.0
5 events
| when toggle format | what | by | license | comment | |
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| Dec 6, 2015 at 14:16 | comment | added | Yosef Weiner | @Tom very possible. This is one of the pains with tax-sheltered accounts (like retirement accounts, etc) for dual citizens, especially US dual citizens. | |
| Dec 6, 2015 at 12:36 | comment | added | Tom | From what @dave_thompson_085 says the only thing I'm currently in danger of is my "help to buy" ISA because that's completely tax free, so the will automatically exceed US tax so they will try to tax my ISA? | |
| Dec 6, 2015 at 12:31 | comment | added | Tom | Yikes, well thanks for the honest answer. So far I have only ever once worked a full year full-time (eternal student) and have less than £10,000 in savings so I'm probably not going to get hit too hard if at all. But I guess I better start doing my reading. Thanks. | |
| Dec 6, 2015 at 8:55 | comment | added | dave_thompson_085 | It's not quite that bad. You must file in almost all cases. If living abroad as OP is, you can exclude earned income up to a limit currently about USD100k. On other income with rare exceptions you should only need to pay US tax that exceeds foreign tax. FBAR&FATCA are the real dangers: if you report there is no tax just for having accounts/assets, but if you don't report there is penalty as you say. Note FBAR goes to FinCen not IRS and is on a different schedule. | |
| Dec 5, 2015 at 18:58 | history | answered | DJohnM | CC BY-SA 3.0 |