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An American abroad
Key points
- Individuals should review their US tax obligations in light of the UK’s tax system and tax treaty with the US.
- Individual savings accounts are viewed as regular savings or investment accounts for US tax.
- UK registered pension plans are deemed qualified plans giving them equal status to US-based plans.
- Gains on the sale of UK main residence may be exempt in the US if particular conditions are met.
Globalisation in the past ten years has allowed many US persons to fulfil their dream of living abroad as expats around the world. However it is important for those moving abroad not to lose sight of the fact that they remain US tax citizens and Greencard holders and must submit annual tax returns to the Internal Revenue Service (IRS) and pay taxes annually.
The US recognises the fact that this may create double taxation and provides expatriate concessions...
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