Thanks for the explanation of the CGT on currency transactions. I don't think this will be a problem. My Air Force pension is direct deposited into a Lloyds TSB ofshore £ Sterling account which I use for my living expenses in England. My City pension is direct deposited into a US bank in $ dollars. I use this account for my US expenses and credit card purchases made on my US credit cards.
Just out of curiousity can loses on conversion from US$ to UK pound be used to offset gains on the conversion?
I checked, the conversion lost is not deductible or offset. Bet to find a place that doesn't charge too much for the conversion.
I know this is a very old thread, maybe the folks are still around and can advise if the aforementioned taxation methods worked as expected?
I have a weird situation in that I have CAN/US/UK citizenships but was never naturalized. Yay family. I plan to retire in the UK with my US County and US Army pensions. Everything points to taxation in the UK. Okay it's higher but oh well. Here's a kicker. To receive a military pension you must remain eligible for service. If I claim UK citizenship because I live in the UK, that may negate pension eligibility. As is I wish it was all only taxable in the US, I would save so much. I have ties to both the US and UK but the charts state that if I cannot decide which is my abode them I go by birthplace. Canada! I left Canada when I was 2. Let's not bring Canada into this.
Tax guys want $500/hr to talk about this, I figured if anything is obvious I'll get it here for free.