nmcvey McVey
-
Inherited a Traditional IRA - Tax implications?
Good day, I am a dual US and British Citizen and I've inherited a sum of money from a Traditional IRA. 30% tax has been withheld for US taxes by the firm that sent me a check for the remaining amount. If US tax has already been withheld on the money, do I still pay UK tax on the money? Wouldn't that be covered under the Double Taxation Treaty between the UK and the US? Any answers on this would be much appreciated. Thanks Nick