USD offshore account question

robledouk

hi, my late father (who was non UK resident for tax purposes) had an offshore USD account ,paid all his taxes on earnings abroad, was non resident and was paid in USD.....the account was passed on to my mother when he passed away. With the rate being GBP 1 = $1.64 right now, do you think it`s the best time to change? I`ve been waiting for a good time to change as the last couple years have been pretty terrible for any people that have USD savings. Or do you think I should hang on a bit more? I`m not sure if the looming recession in the UK will devalue the GBP anymore. I know it`s anyones guess though

And more importantly, would you foresee any issues bringing the money onshore? As I said before all the taxes on his earnings were paid for abroad. I don`t know much about this issue but would appreciate any advice. Thanks

isofa

It's not easy to predict, I'd hedge my bets and say the pound will drop a lot more if we enter a long deep dark recession period, which is more likely than unlikely.

You could always bring some back. However it's just an idea, take professional advice!

I don't know of the issues regarding bringing the money back, but I'm sure someone else will!

Reaper

Recessions lower currency values, but the USA and much of the rest of the world is going into recession too, so who knows? It depends which country suffers the most - it's all relative.

The rate is pretty good compared to £1=$2 as it was a short while ago.

robledouk

*bump*

Appreciate the replies , especially in relation to issues (or not) of bringing the money onshore (will be speaking to someone in the meantime about it)

runciblespoon

I can't really comment on the tax position - it might be worth asking HMRC.

One other thing... if it's offshore the compensation arrangements if the bank goes bust are probably worse. I don't know if by 'offshore' you mean UK-offshore (ie Isle of Man/Jersey/Guernsey) or US-offshore (Bermuda, US Virgin Islands etc etc). For the sorts of trouble people are having with UK-offshore banks that have collapsed, read this thread

robledouk

runciblespoon wrote: »

I can't really comment on the tax position - it might be worth asking HMRC.

One other thing... if it's offshore the compensation arrangements if the bank goes bust are probably worse. I don't know if by 'offshore' you mean UK-offshore (ie Isle of Man/Jersey/Guernsey) or US-offshore (Bermuda, US Virgin Islands etc etc). For the sorts of trouble people are having with UK-offshore banks that have collapsed, read this thread

sorry, should have mentioned at the beginning. It`s in Lloyds TSB offshore Isle of Man account