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US moving to UK mid-year

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Old 13-09-2006, 01:09 PM
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Default US moving to UK mid-year

Hi,
just starting my search for tax/legal/etc implications for my personal move from the US to London for a few years.

I'm not moving with a job, although I plan to be employed by a UK company when I arrive.

My questions is where to start my search for information relating to the condo I just purchased in the US. I'd like to keep it and convert pounds to dollars to pay the mortgage. Also, I have 401K, an IRA, and some company vested stock. Where can I understand the implications for holding those while I'm residing/working in the UK.

And finally, how do you anticipate what the tax implications are for paying US and UK taxes for a) the year I spent working in both countries (2006) and then subsequent years.

Thanks so much for any way you can point me - consultants, websites, books, etc.
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Old 13-09-2006, 01:13 PM
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Default US moving to UK mid-year

Hello Reece,
See pub 514, and form and instr 1116 and 2555. I don't think you should bother contributing to the 401 but haven't fully answered that- you can't tax deduct the amt if you shelter that income from tax or take a credit on it I think. But the current amts in there should juts stay put- just figure out implications if you emigrate. Also IRA not tax ded if no taxable income. Se 2555- up to 80K$ tax free if earned outside US.
Cheers
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