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Posted Thu, 17 Feb 2022 13:43:28 GMT by tujeste
Preparing to start taking funds from my US pensions Looking at taking a quarterly payment (or possibly 6 monthly) and transferring to UK via a company such as Wise (formerly TransferWise) I am presuming that the amounts I return on my UK self assessment sheet for the year would be the UK £ amount that actually ends up in my (UK) bank account and not the US pension amount times the US/UK exchange rate on date of taking the pension in the US. Any tips or gotchas to look out for from anyone who has already started this process? Thanks
Posted Fri, 18 Feb 2022 16:53:00 GMT by HMRC Admin 30
Hi,

You would declare the amount of income you are entitled to, the amount in US dollars on your statement using the relevant exchange rate for the time of payment or for the year.

HMRC exchange rates can be found here

Exchange rates from HMRC in CSV and XML format

Thank you.

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