Dual National moving to the UK - I should sell my stocks and index funds, right?
Yo! Dual-national here - born in England, but have an American Passport. I moved out to the west coast pre-pandemic, stayed for longer than anticipated, and am now returning to London.
Fellow Americans who made the move to the UK- what did you do with your stocks and index funds? I've got a Fidelity 401k, Vanguard brokerage account, and a couple of individual stocks bought through a separate investment account. From what I understand, I should sell everything before I become a permanent resident of the UK (again) so that I don't incur the 40% tax on income.
Asking here as I'm making a permanent move and don't plan on returning to the US - feels like it's a particularly American problem? Let me know if you've got experience with this similar - maybe I've posted in the wrong sub. Thanks for your time, appreciate you!