US Taxation

In addition to the usual planning and advice concerning income and transfer taxes, we can provide advice in the following areas:                  

Domicile

Advice on domicile, including:

  • Opinion on an individual’s current domicile position
  • Measures an individual should consider to establish or retain a domicile outside of the US
  • Impact that domicile may have on an individual’s US state residency and transfer tax position.

Residency

Primarily focusing on the substantial presence test:

  • Providing opinion on individual’s current and historical residency position
  • Measures an individual will need to undertake to establish residency/non-residency
  • Impact residency will have on individual’s US federal and state tax position.

Arrival and exit

Pre-entry and exit tax planning, including:

  • Timing of arrival/exit
  • Accelerating or deferring transactions as appropriate
  • Establishing and dissolution of appropriate offshore and onshore structures

US/foreign residential property

Consideration of the most appropriate ownership (e.g. joint, corporate, trust):

  • Non-resident CGT charges and Foreign Investment in Real Property Tax Act withholding;
  • Use of principal residence relief (s.121).                                    

Tax compliance

Completion of US tax returns

  • Preparation of tax returns based on information provided and obtained
  • Resident, non-resident and dual resident federal income tax returns, state tax returns, foreign and domestic corporate tax returns, foreign and domestic partnership tax returns, foreign and domestic trust returns and gift tax returns
  • Foreign asset reporting
  • Advising on tax payment due dates
  • Dealing with Internal Revenue Service enquiries and investigations
  • Providing peace of mind.

Offshore/onshore structures

Use of appropriate offshore or onshore structures such as companies and trusts:

  • When is it appropriate to establish such structures
  • Merits and disadvantages in terms of tax, costs and convenience
  • Use of such structures to acquire US and non-US assets
  • Guidance and advice relating to the passive foreign investment company (PFIC) regime, PFIC testing of entities and Controlled Foreign Companies issues regarding Subpart F income inclusions
  • Entity classification advice (positive elections and associated filing requirements);
  • Classification of offshore trust structures and tax implications for settlors/beneficiaries.

Transfer tax

Overview of a couple or wider family’s affairs:

  • Considerations for ‘mixed’ marriages (e.g. US citizen married to non- US citizen);
  • Lifetime giving;
  • Planning opportunities.

UK Taxation

In addition to the usual planning and advice concerning Income Tax, National Insurance, Capital Gains Tax (“CGT”) and Inheritance Tax (“IHT”), we can provide advice in the following areas:

Domicile

Advice on domicile, including:

  • Opinion on an individual’s current domicile position
  • Measures an individual should consider to establish or retain a domicile outside of the UK
  • Impact that domicile may have on an individual’s UK tax position

Residency

Primarily focusing on the Statutory Residency Test:

  • Providing opinion on individual’s current and historical residency position
  • Measures an individual will need to undertake to establish residency/non-residency
  • Impact residency will have on individual’s UK tax position.                                                                                                              

Arrival and exit

Pre-entry and exit tax planning, including:

  • Timing of arrival/exit
  • Accelerating or deferring transactions as appropriate
  • Establishing and dissolution of appropriate offshore and onshore structures

UK residential property

Consideration of the most appropriate ownership (e.g. joint, corporate, trust):

  • Impact of Annual Tax on Enveloped Dwellings (ATED)
  • ATED related CGT and non-resident CGT charges
  • Use of principal private residence relief.

Tax compliance

Completion of UK self assessment tax returns:

  • Preparation of tax returns based on information provided and obtained
  • Advising on tax payment due dates
  • Dealing with HM Revenue & Customs enquiries and investigations
  • Providing peace of mind.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Offshore structures

Use of appropriate offshore structures such as companies and trusts:

  • When is it appropriate to establish such structures
  • Merits and disadvantages in terms of tax, costs and convenience
  • Use of such structures to acquire UK and non-UK assets
  • Anti-avoidance measures such as transfer of assets abroad.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

The remittance basis

Outline of how the remittance basis operates for UK resident non-UK domiciled individuals:

  • Guidance on what constitutes a remittance
  • Comparison of when to claim or not claim the remittance basis, taking into account remittance basis charge, other costs and convenience
  • Analysis of mixed fund accounts to determine composition.

Account structuring

Particularly for UK resident non-UK domiciled individuals:

  • Offshore account structuring to take advantage of the remittance basis
  • Measures to preserve so-called ‘clean capital’
  • Use of available reliefs, such as Business Investment Relief to access offshore funds.

US/UK Private Client

Personal tax is one of the most complex areas of wealth management and can significantly erode your wealth over time.

Blick Rothenberg is considered to be market leaders in the taxation of non-UK domiciled individuals and offshore trusts, as well as cross-border personal taxation.

We have a strong base of clients in the UK and a broad and longstanding international focus too, acting for a large number of non-UK domiciled individuals and international families. So, we understand the complexities that US citizens face when living, working and operating businesses in the UK.

Whether you are a start-up entrepreneur, a wealthy family with complex affairs, or a business executive, our dual-qualified team of tax advisers will look after your US UK personal tax affairs as well as those of your business.

If you wish us to contact you or want to discuss your situation please complete the form on this page and one of our team will be in touch.

 

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