Skip to main content

This is a new service – your feedback will help us to improve it.

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
Hi,

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.

You must be signed in to post in this forum.