USA IRA distribution

I have to take a minimum annual distribution from my IRA in the USA. The money will remain in the USA for when I visit. Do I have to pay tax on the amount I take and if so how do I file this ? Is it foreign interest ? I am a pensioner paying 20% so what rate of tax would I pay on this foreign income? Thavk you

I need to be clearer. I established an IRA in the 80's when I lived in the USA, Now I am 70, I need to start taking mandatory minimum withdrawals each year. As a UK tax payer, I do not pay tax in the USA. I have some interest for year 2022 on this account. I know the IRA interest is taxable in the UK and now I am thinking of closing the IRA account and need to clarify what Admin 10 wrote in another thread, that "it is the interest that is taxable, not the balance, should you close the account". I am thinking of closing the IRA and putting the funds in a USA bank account so is the statement from Admin 10 correct and does balance mean the funds in the IRA account? I have no intention of bringing any of the monies from the IRA to the UK as I go to the USA regularly to visit my family. I am a UK Citizen domiciled here. THX

Hi Bodhi,

Anyone, who is resident and domiciled or deemed domiciled in the UK, must declare their world wide income, arising in a tax year, to HMRC.  
This includes the interest arising from your IRA distribution, regardless of whether it is remitted to the UK or not.
This is done via a self assessment tax return and supplementary page SA106, where the income is declared in pounds sterling.  
The interest from your IRA account is added to your UK interest and the appropriate savings rates applied.  
Anyone who is not domiciled in the UK, has the option to use the remittance basis, where they are only taxed on their UK income/gains and any remitted income/gains.
Have a look at section 9 of Residence, domicile and the remittance basis: RDR1

Thank you.

Hi Bodhi,

It is only the interest that you need to report, not the actual capital from the IRA, as UK tax resident and domicilled, you need to report
the interest even if you don't bring it to the UK.

Thank you.

Thank you, that's very helpful.