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Strategies & Market Trends : Steve's Channelling Thread

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To: Jdaasoc who wrote (9696)	1/3/2001 9:38:29 AM
From: Steve Lee	Read Replies (1) of 30051

I'm a UK citizen resident in the UK. I have a Schwab Brokerage account which is based in the US. I have a visa card enabling me to withdraw funds from the Schwab account through an ATM or any visa enabled counter. The IRS has a W8 form on file for me which means as a non-resident non-US citizen I don't pay any tax to the US govt. The UK govt has no claim to taxing any profits I make in my US account. So far all is well and good with none of my gains being taxed. However, if I were to take money from the Scwab account and bring it into the UK, the UK govt would try to tax me on any gains. So I have 5 choices: 1) I can leave the money in the US 2) I can sneak it into the country illegally 3) I can use the visa card anywhere in the world outside the UK 4) I can bring the money in to the UK and pay tax to the UK govt 5) I can leave the UK for 6 mths to gain expatriate status and return with all the money tax free after that time. I am currently using options 1 and 3 but anticipate using option 5. I also have a Datek acct which I was promised would give me a visa card nearly four yrs ago. There is no sign of the card yet.

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