Neil Davey

Following a complete early withdrawal (under 59 1/2 years old) of a ROTH IRA pension fund that then triggers 10% tax penalty by the IRS (because of the early withdrawal). Would HMRC maintain that the lump sum/total withdrawal of the fund is still treated as a ROTH IRA pension fund and remains tax exempt in the UK ? or something else? Article 17 (2). 'Notwithstanding the provisions of paragraph 1 of this Article, a lump-sum payment derived from a pension scheme established in a Contracting State and beneficially owned by a resident of the other Contracting State shall be taxable only in the first-mentioned State.' Thanks

Hi everyone. Hoping I get get clarification on this. A US/UK citizen resident in the UK Cashed out my ROTH IRA in one lump sum, closed the account and transferred to my UK bank account. My understanding is that this is not taxable in the UK Article 17(2)US_UK Tax Treaty 'Notwithstanding the provisions of paragraph 1 of this Article, a lump-sum payment derived from a pension scheme established in a Contracting State and beneficially owned by a resident of the other Contracting State shall be taxable only in the first-mentioned State.' Do I need to report this on my self assessment and if so where and how? Many thanks