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Tax considerations for US citizens working or residing in the UK
KEY POINTS
- Increasing internationalisation of clients means that advisers must be more aware.
- US crackdown on undeclared offshore accounts.
- The US tax implications of UK investments.
- The importance of accurate and prompt completion of FinCEN form 114.
- The Foreign Account Tax Compliance Act imposes new reporting obligations on foreign financial institutions.
As UK tax practices become more international advisers require a good idea of the non-UK tax issues that apply to their clients. For most taxpayers exposure to US tax rules is a distant “nightmare” scenario.
However as taxpayers’ affairs also become more international – or an adviser discovers that one of their taxpayers has a green card passport or other links to the US – they must grapple with aspects of US taxation.
The US...
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