Tax Obligations - looking for advice/previous experience
Discussion
I have an endowment policy with Aviva (used to be Norwich Union) which I took out in 1992 as a means of paying off the mortgage on a flat I used to own in the UK 20 years ago.
I know that these went out of fashion (and never matured to expected values) but I have kept mine running and it is about to mature – the maturation value is actually pretty close to the value of the value of the purchase price of the flat.
I have read many threads on Ex-Pat forums about how to handle this with the IRS – but have not seen any definitive answers.
Any Ex-Pats out there who have experience of how to handle this?
I know that these went out of fashion (and never matured to expected values) but I have kept mine running and it is about to mature – the maturation value is actually pretty close to the value of the value of the purchase price of the flat.
I have read many threads on Ex-Pat forums about how to handle this with the IRS – but have not seen any definitive answers.
Any Ex-Pats out there who have experience of how to handle this?
Not yet - not sure that it really qualified as an 'account' as such.
I have no problem paying my dues, the difficulty is that 1/3 of the payments were made while I was still a UK resident. Obviously in the UK, the mature value of the policy is tax free (life insurance tied to it etc). The IRS will obviously see things differently, I was looking for advice on how other ex-pats had handled a similar situation.
I have no problem paying my dues, the difficulty is that 1/3 of the payments were made while I was still a UK resident. Obviously in the UK, the mature value of the policy is tax free (life insurance tied to it etc). The IRS will obviously see things differently, I was looking for advice on how other ex-pats had handled a similar situation.
LPR, but probably going to become USC shortly. Who knows maybe I can bag a Scottish passport as well ;-)
I should be ok on the late FBAR - I have not received any tangible income from this endowment policy and the surrender value is "not guaranteed" so any income is not realised until I actually surrender the policy, or let it mature.
Until recently I have not been receiving statements (long story - but my UK finances have been managed by proxy) and I maintain a current account with RBS to service the 50 quid a month payments.
You now have me worried about a Group PPP than I have with Standard life (dormant of course). This is worth significantly more than my endowment - is this something that I have to declare as well? I don't even have access to this account until 2028 (big giveaway).
I should be ok on the late FBAR - I have not received any tangible income from this endowment policy and the surrender value is "not guaranteed" so any income is not realised until I actually surrender the policy, or let it mature.
Until recently I have not been receiving statements (long story - but my UK finances have been managed by proxy) and I maintain a current account with RBS to service the 50 quid a month payments.
You now have me worried about a Group PPP than I have with Standard life (dormant of course). This is worth significantly more than my endowment - is this something that I have to declare as well? I don't even have access to this account until 2028 (big giveaway).
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