YellowRose1

Hi Admin 34, Can you please be more specific about which article of which statute you are relying on for HMRC's position on traditional IRAs?

I have a question about HMRC Admin 25's last response: "HMRC does not recognise IRA schemes as pensions or self invested pension plans (SIPPs), so for UK residents, you are taxed as income under interest and declared as foreign interest on a tax return (SA106)." What exactly is the basis for HMRC's position that a traditional IRA cannot be recognised for UK tax purposes as a pension or SIPP? It behaves similarly to a UK defined contribution pension and sets limits on withdrawals relative to the planholder's age.