FBAR Filing for US Expats in United Kingdom
The United Kingdom is one of the top destinations for US expats in Europe. UK bank accounts, ISAs, SIPPs, workplace pensions, and investment accounts are all reportable on FinCEN Form 114 if the aggregate value of all foreign accounts exceeds $10,000.
Approximately 300,000 US citizens live in the UK
Common United Kingdom Banks Reported on FBAR
United Kingdom Account Types Reportable on FBAR
- Current and savings accounts
- ISAs (Individual Savings Accounts)
- SIPPs (Self-Invested Personal Pensions)
- Workplace pensions
- Premium Bonds
- Stocks and shares ISAs
United Kingdom Pension & Retirement Account FBAR Rules
UK workplace pensions and SIPPs (Self-Invested Personal Pensions) are reportable on FBAR. ISAs (Individual Savings Accounts) are reportable and their tax-free status is not recognized by the US. The US-UK tax treaty (Article 18) provides some pension relief.
Key FBAR Considerations for United Kingdom
- !ISAs are taxable to US persons despite UK tax-free status
- !UK pensions (workplace and SIPPs) must be reported on FBAR
- !Premium Bonds are reportable foreign financial accounts
- !UK investment funds may be PFICs requiring Form 8621
GBP/USD Currency Conversion
FBAR requires reporting account values in US dollars. FBAR Direct automatically converts British Pound (GBP) balances to USD using the Treasury Department's end-of-year exchange rate, so you can enter your account values in GBP.
File Your FBAR for United Kingdom Accounts
Most people finish in under 10 minutes. Automatic GBP/USD conversion included.
Start Filing — From $59