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Posted Mon, 08 Jan 2024 20:49:17 GMT by
Hello, I am a dual citizen of the UK and the USA. I live and work in the UK. I hold some shares in the USA. Every year I declare dividend and capital gains income from my US account in my US tax return to the IRS, and pay US taxes as appropriate. Do I also need to declare the dividends & capital gains from my US accounts to HMRC in my self-assessment, and get taxed again? I have been doing so, but this doesn't seem fair so I wanted to check. As above, I live and work in the UK, and pay taxes on my employment and other income here in the UK. Thank you.
Posted Wed, 17 Jan 2024 12:15:58 GMT by HMRC Admin 8
Hi,
As UK resident you need to declare your worldwide income.
You can claim foreign tax credit relief for the US tax to reduce your UK bill. see further guidance at:
Tax on foreign income
Thankyou.

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