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Posted Mon, 24 Jul 2023 09:22:45 GMT by ap823
I am a UK ordinary citizen and resident but also have a "Traditional IRA" pension account in the USA from 1990s when I used to work there. Last year I have converted a (lump sum) part of this American IRA account into a Roth IRA and paid US tax on this conversion. None of the funds have left the IRA wrappers, this was a conversion from one USA pension vehicle (Traditional IRA) to another (Roth IRA). Under US-UK tax treaty (article 17 paragraph 2) such transaction is not subject to UK tax. The question is whether I am required to report it on my UK self-assessment and if so, how. Many thanks
Posted Tue, 01 Aug 2023 13:20:06 GMT by HMRC Admin 32

As its a conversion and not a withdrawal of the actual pension, this is not taxable in the UK and doesnt need to be reported here.

Thank you.

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