US/UK Private Client

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)

• 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

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

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