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 …
Individual
10 things you need to know about expat taxes
-
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 …
Is the tax relief on pension contributions about to change again?
The summer budget brought new rules and limits on contributions to UK pension plans and more changes may be forthcoming in the budget on 16 March 2016.
I read with interest this weekend, the Association of British Insurers assessment of …
Recap: Five highlights from the Summer Budget 2015
In a week that took us back to May’s general election and the failure of polling (we didn’t speak to enough Conservatives… I think that much was obvious) I thought we could start these posts with a look at the …