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 …
Individual
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 …
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 …
Coronavirus (COVID-19) Tax implications for the UK
The recent pandemic of COVID-19 has impacted everyone from individuals to small businesses to large corporations. However, the UK government, like others, has put in place measure to aid those during this pandemic.
With regards to tax measures, the government …
Inheritance tax for non US citizens
Whilst resident and non-resident aliens may reside in the US indefinitely, upon their death, their estates may face unforeseen deductions as a result of estate tax and gift tax. It is because of this that careful and timely planning is …
10 things you need to know about expat taxes
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Check you qualify as an expat
You might be wondering what we mean, but this is by far one of the easiest ways to get caught out. Qualification via the Physical Presence test requires you to be physically present in
The mismatch in UK and US taxation of rental property income
Changes to the UK taxation of rental property are increasing the taxes on an individual’s rental and for US persons, taking the UK and US tax treatment further apart. The UK will now only allow limited tax relief for mortgage …
The US taxation of a mortgage foreign exchange gain
For US tax payers living overseas, the redemption, re-arrangement or capital repayment on a mortgage that is not denominated in USD can result in gains being realised and US tax becoming due with their Federal tax return. This is because …
Expatriation: More Americans renounce US citizenship but why?
A record number of Americans renounced their US citizenship last year, what we call expatriation, but should this be surprising, as more and more US persons find out about their filing obligations and the complexity involved. I suspect the greater …