Uk investor - how to unwind US ETF holding & potential Tax issues
Hello all.
New to Bogleheads - the wiki came up in my search for info so hoping you can help point me in the right direction!
About me:
UK Citizen. Tax resident in Jamaica Apr23-Mar25. Tax resident in UK prior to this and Apr25+. Started investing through IBKR in 2024 in US stocks and ETFs.
Current portfolio has c30 stock holdings and the following ETFs:
- 75x VEA
- 9x VOO
- 18x VEA
- 45x VXUS
Query:
After making a stocks sale in IBKR (first time as UK resident) I went to buy more VTI and realised I wasnt able to - found out about UCITS, the inability of UK residents to buy US ETFs, and the potentially significant taxes consequences. But its very hard for me to understand the implications.
It seems as if I should unwind this now, withdraw the money and invest instead in my UK T212 GIA/ISA in UTCIS ETFs (I'd already been investing in FWRG this year so ill stick to that). Problem is, I wasnt aware this was a problem and have not completed any reporting anywhere outside of IBKR for these ETFs.
Not looking for advice on what to buy, but on how to sell and what the potential tax consequences are, forms I need to fill in etc. Current unrealized gain on these ETFs is c$6k. No prior sales, only purchases in 2024 while a Jamaican resident.
If anyone is able to point in the right direction it will be mich appreciated, as I want to ensure I pay & report what I need to, to the right people. Thanks in advance!