Paying tax on income already taxed

ryansace

Hello,
I am a professional sportsman from the usa and I have already paid tax on my income. However i am moving to the uk. My question is, when i bring my savings into the uk, will i have to pay income tax on it all again- or is this covered by the double taxation agreement?

Thank you sooo much

Ms_Chocaholic

Your previous postings suggest you have lived in the UK for some time (with your mum) and are a student !!!

ryansace

You are a genius....
Though im finding this information out for a friend, jus thought it would be easier to say in the first person...ahh well change all 'I' to 'my friend'

Thanks for the help.......!!!!!!

mrtg0525

I'm pretty sure that there is a double taxation treaty with the US but don't forget about the little gem that if you don't pay "enough" taxes in the UK, Uncle Sam may want the difference...

jennifernil

If the money brought in is from savings rather than being income earned abroad, then it would not be liable for income tax here. But any interest earned here on those savings would be liable to tax here.

Cook_County

as you are a professional sportsperson you will already have a corporate structure wrapped around your image rights, appearance fees etc. what structure is in place, a C-Corp, an S-Corp, Limited Partnership etc? What State are you based in as we'll have to consider State taxes too...

ryansace

Professional dodgeball...and none of those are in place... state of philladelphia

ryansace

professional dodgeball in the state of philly...and none of those are in place

Cook_County

So we now know we'll have to address taxes in the Commonwealth of Pennsylvania plus Philly City taxes on top of Federal taxes. As you'll realise the consequences of the 18th amendment also require Federal tax for ever.

What kind of work permit will you have in the UK and how long do you expect to be here?

cheerfulcat

ryansace wrote:

Professional dodgeball

Are you quite sure about that?