Scott Jacobson

OK so when you say 'they are taxed as income under the interest and declared as foreign interest on a tax return (SA106)' is it the full amount of the withdrawal that should be declared or only any gain from, for example, dividends and interest? Also, any chance you can send me a link to an HMRC Forum where I can ask a question about any UK tax implications in connection with taking a partial surrender (i.e. cash withdrawal) from a variable universal life (VUL) insurance policy? Many thanks.

Dear HMRC, your response in this instance confuses me since I thought that because contributions to IRAs are pre-tax therefore the entire amount withdrawn whether all at once or on a yearly basis must be reported as foreign income in the UK and is subject to income tax. Would you be so kind as to clarify this for me, please? Many thanks.

I did submit them online so I can indeed view the calculations and I can see that for the last two years I can still amend them online so should I do that and then for the prior years back to 2020 write to HMRC about overpayment relief? Or should I just write to HMRC about all the years even the ones for which I can still amend returns online? Hope that makes sense! Many thanks.

OK many thanks ... is it possible to amend the returns online and view a new calculation and if not how do I calculate how much I am due back based on what my tax would have been had I not incorrectly included the foreign section with interest and dividends from my IRA and Roth IRA on those returns? I have copies of my returns from each tax year, but the calculations don't show the specific amounts of tax arising from the foreign interest and dividends just a total of tax due or overpaid.

I am a US citizen resident in the UK since 2005. My savings portfolio in the US includes an IRA and a Roth IRA. As both earn interest and dividends, I have been reporting these on my self assessment UK tax return as foreign interest and dividends and paying the associated tax. However, now that I'm reading this forum I'm wondering if I need to be doing this and if not can I file amended UK tax returns and claim back any overpayments?