Individuals who are living in the UK and hold their assets in a US revocable living trust will, in many cases, be required to register their trust with HMRC’s Trust Registration Service before 1 September 2022. New rules mean that …
All Posts by David Holmes
10 TALKING POINTS ON BIDEN’S US TAX REFORMS
BIDEN’S US TAX REFORMS LOOK SET TO INCREASE TAXES FOR HIGH INCOME US PERSONS LIVING IN THE UK
Following the passing of President Biden’s infrastructure plan attention in Congress will be turning towards a budget reconciliation that is expected to …
Understanding the Relief Procedures for Certain Former US Citizens
In September 2019, the IRS announced new relief procedures to support former US citizens to come back into compliance with their US tax filing obligations and avoid any potential “Exit tax”.
The program allows taxpayers to become US tax compliant …
Taxation of Gifts: UK rules vs US rules
There are many misconceptions about the tax implications of making gifts. Consequently, efficient methods may not be utilised in gifting which may result in an avoidable tax bill. From exemptions and allowances, to capital gains taxes, we explore the different …
An Overview of US Entity Classification Regulations
Many businesses and taxpayers find themselves forming foreign corporations, either with the intention of expanding into a global marketplace or, in the case of many of our clients, because they live outside of the United States.
One of the most …
Budget 2020: A reminder from a time before lockdown
On the 11th March 2020, The Chancellor of the Exchequer, new in the post, Rishi Sunak, presented his Budget to Parliament to much acclaim – more so for the performance rather than the content, appreciation of which probably depends on …
Your Basic Guide to Passive Foreign Investment Companies (PFICs)
US citizens used to be able to take advantage of a tax loophole by investing in foreign mutual funds. These offshore investments were able to defer the US imposition of mandatory distributions, which resulted in the deferral of underlying income …
FATCA: Overview & FAQs
The Foreign Account Tax Compliance Act (FATCA) is a US law enacted as a part of the Hiring Incentives to Restore Employment Act (HIRE Act) on March 18, 2010. The purpose of FATCA is to ensure that the United States …
FBAR Basics & FAQs
Commonly known as FBAR, the FinCEN Form 114 came out of the Banking Secrecy Act (BSA) and requires US persons and residents to disclose overseas financial accounts. It is a requirement, of any US citizens and residents with an aggregate …
UK Capital Gains Tax: New Rules for Residential Property
Taking effect from 06 April 2020, residential property will now be subject to a new capital gains tax and payment regime. The new rules dictate that if the disposal of a UK residential property has resulted in a gain, there …