Episodes
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Our Stepping Stones series usually focuses on the challenges faced by Americans moving to, or living in, the UK. However, in this chapter we instead focus on the British friends, family members, employees and acquaintances of Americans, who might be dealing with a move to the US. Here's what you need to know about tax, visas and wealth management, if you're a Brit moving to the US.
Step one: Pre-immigration planning - visas, residency and current investments.
Step two: Planning while in the US - US taxes, foreign mortgages and investing in the US.
Step three: Staying in the US long term - green cards, pensions and visiting the UK.
Speakers:
Scott Barber is a Partner at Buzzacott, a top 20 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. Scott has over 25 years’ experience both in the US, his country of birth, and the UK where he has settled, dealing with expatriate tax issues. Scott helps to iron out the complex cross-border tax regulations and is also able to help senior executives working in financial services and owner-managed businesses with temporary or longer-term relocations.
Gurveet Singh is an Associate Director in Buzzacott's Expatriate Tax Services team. He is a dual US and UK tax handler for high net worth American citizens in the UK and British citizens in the US. Gurveet has a large and varied portfolio of clients, which includes self-employed individuals, hedge fund managers, settlors and beneficiaries of offshore trusts, video game producers and sound mixers.
Christi Jackson is a Partner and Head of the US Practice at Laura Devine Immigration in London. She has 18 years of experience representing clients in all areas of business and family-based immigration and has practised in both the UK and US. Christi is acclaimed for the ’thorough and informative’ counsel she delivers to clients on sophisticated US immigration issues. She is recognised in leading legal directories for her outstanding client service, earning praise for being a ‘dynamic practitioner, unsurpassed in identifying the best solution to a tricky problem’.
Matt Conan is a Chartered Financial Planner at Westminster Wealth Management. He has over 25 years’ worth of experience advising a broad range of clients, from the seasoned investor to those who know only that they should review their situation. While he pays particular attention to his clients’ retirement plans, he believes in a comprehensive approach to financial planning. This involves ensuring his clients have a good grasp of their short- and medium-term goals as well as their long-term ones.
Plan your next step
Our Stepping Stones series brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey.
www.buzzacott.co.uk/stepping-stones -
When thinking about marriage or divorce, tax probably won't be one of the first things that spring to mind. But as a US citizen living in the UK, different life stages like these can come with added complexity. Here's what you need to know about marriage and divorce, from the US/UK tax, financial planning and legal experts.
Step one: Pre-marriage planning – prenuptial agreements, US filing status and transfer taxes.
Step two: Marriage – financial planning options, remittance basis, asset ownership, wills and estate planning.
Step three: Divorce – legal process, transfer of assets, pensions sharing and returning to the US.
Speakers:
Carlo Gray is a Partner at Buzzacott, a top 25 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. He has a wealth of experience managing both the US and UK tax affairs of high-net-worth individuals, small business owners, senior executives and partners in partnerships, with a particular niche in the financial services field.
Sarah Whitelaw is a Partner at Buzzacott and works on all things concerning US and UK tax returns, IRS streamlined submissions, expatriation and foreign tax credit planning. She has significant experience working with family lawyers to advise on the tax consequences of divorce where one or both spouses are US persons.
Rachel O’Donoghue is a Partner and the Head of Financial Planning at Buzacott. She provides independent, whole of market advice to private clients in areas such as investments, pensions, estate planning and lifetime cashflows. Although she has a broad range of clients, Rachel has particular experience in the provision of advice to individuals who are non-domiciled, UK resident US persons.
Will MacFarlane is a Partner in the Family and Divorce team at Kingsley Napley, which for over 80 years has been recognised for providing the highest quality legal advice and services. Will advises clients on the full range of family law issues arising on the breakdown of relationships. He has a particular interest in resolving complex financial claims often with an international element. He also advises on arrangements for children following the breakdown of a relationship. On the non-contentious side, Will is frequently instructed by families to advise on wealth protection issues and nuptial and cohabitation agreements.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you will need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you while you’re in the UK. Our Stepping Stones series brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK.
www.buzzacott.co.uk/stepping-stones -
Missing episodes?
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As a US citizen living in the UK, without any pre-arrival and up-to-date planning around your investments and pensions, you could be exposing yourself to a higher than necessary combined US/UK tax bill. Here's what you need to know about pensions and investments, from the US/UK experts.
Step one: Reviewing the current situation - the remittance basis of taxation, creating a financial plan and investment solutions.
Step two: Planning for retirement - long term objectives, cashflow planning, structuring an investment portfolio and returning to the US.
Step three: Withdrawing pensions - minimising tax exposure, when to withdraw, the US UK tax treaty and investments held in pensions.
Step four: Alternatives to traditional planning - sources of retirement income, tactical vs big picture considerations and inheritance tax planning.
Speakers:
Holly Payling is an Associate Director at Buzzacott, which is a top 25 UK accountancy firm based in London, specialising in US and UK tax, financial planning and audit. She provides both US and UK tax return compliance and offers bespoke tax advice to US and non UK domiciled individuals. Holly specialises in planning and advice solutions for US persons with non-US pensions, US pensions for non-US persons, pre-US/UK arrival and expatriation planning.
Chris Gabbett is a Partner at at LGT Wealth Management, which is part of LGT Group - the largest family-owned private banking and asset management group in the world. He manages discretionary mandates on behalf of Private Clients, Charities and Trustees.
Rachel O'Donoghue is a Partner at Buzzacott and Head of the Financial Planning team. She provides independent, whole of market advice to private clients in areas such as investments, pensions, estate planning and lifetime cashflows. Although she has a broad range of clients, Rachel has particular experience in the provision of advice to individuals who are non-domiciled, UK resident US persons.
Tom Buchan is a Senior Manager at Buzzacott. He works with private clients who have US tax exposure, ranging from high net worth individuals to "Accidental Americans". A typical challenge that Tom supports clients with is managing cross-border taxation, in particular, planning to avoid double taxation. Tom’s area of specialist knowledge relates to US personal tax advice for US taxpayers who reside in the UK.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you will need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you while you’re in the UK. Our Stepping Stones series brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK.
www.buzzacott.co.uk/stepping-stones -
We all know the saying about death and taxes - both are unavoidable. But as an American in the UK, there's planning you can do throughout your lifetime to secure your financial future.
In this episode our US/UK experts have shared the key tax and legal need-to-knows around estate and inheritance tax:
- Step one: Planning now - current tax exposure, the US lifetime allowance, residence and domicile.
- Step two: Estate planning for life - the Nil Rate Band (NRB), gifting, Potentially Exempt Transfers (PETs), Gifts with Reservation of Benefit (GWROB), Excluded Property Trusts (EPT), Qualified Domestic Trusts (QDOT) and life insurance.
- Step three: Writing and updating a will - lasting powers of attorney, do you need a US and a UK will?, trusts, the spouse exemption, letter of wishes and the importance of keeping your will up to date.
Speakers:
Trevor Egan is a Partner at Buzzacott, which is a top 25 UK accountancy firm based in London, specialising in US and UK tax, financial planning and audit. He has over 25 years’ experience in providing effective tax solutions to US citizens and non domiciliaries living in the UK. As well as analysis of US/UK tax residence matters, Trevor advises on UK remittance planning, international pension structuring, FATCA reporting obligations and the US/UK tax implications of marriage/divorce.
Alex Porteous is an Associate Director at Buzzacott, and he works with clients who are American citizens and green card holders resident abroad as well as UK resident, non-UK domiciled individuals. Alex assists clients with US Federal and State income tax returns, foreign account and asset reporting, trust and wealth and estate planning and reporting, UK income tax returns and wealth and estate planning.
Chris McLemore is a Partner at McLemore Konschnik, which is a London-based boutique law firm of US lawyers specialising in tax, trust and estate planning advice for US citizens and green card holders, and their businesses. He represents high net worth families and their advisors on US federal income, estate and gift tax issues. He has significant experience in integrated US/UK estate and tax planning. Chris has extensive experience advising on the relinquishment of US citizenship (and the abandonment of green cards).
Frederick Bjørn is a Partner at Payne Hicks Beach, which is a firm of UK solicitors with a long tradition of providing bespoke legal services with outstanding levels of personal service. He advises a broad range of UK and international clients on personal tax and trust issues, but with his practice increasingly focused on advising entrepreneurial, business families on long term structuring and succession planning. A number of his clients are UK resident non-domiciliaries, who he advises on UK tax, residence and asset structuring.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you will need to plan for. Our Stepping Stones series brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK. -
There’s no on-size-fits-all for setting up a business, especially for US citizens in the UK. The cross-border US/UK rules are as complicated as can be and you might find yourself the CEO of your own nasty tax bill. Subpart F, Check-The-Box, PFICS, GILTI – we’ve unjumbled the jargon with advice to build you up, not knock you down.
Our experts discuss the tax and legal steps for US citizens setting up a UK business:
- Step one: Choosing the right structure - check-the-box and S.962, personal ownership implications, Controlled Foreign Corporations, Global Intangible Low Taxed Income, Subpart F and Passive Foreign Investment Companies
- Step two: Business fundamentals – business bank accounts, Companies House, employees and Value-Added Tax
- Step three: Business growth and expansion - enterprise investment schemes and debt vs. equity funding
- Step four: Exit strategy – cashing out, advance planning and tax reliefs
Speakers
Scott Barber, Partner at Buzzacott, a top 20 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. Scott has over 25 years’ experience both in the US, his country of birth, and the UK where he has settled, dealing with expatriate tax issues. Scott helps to iron out the complex cross-border tax regulations and is also able to help senior executives working in financial services and owner-managed businesses with temporary or longer-term relocations.
Paul Baker, Director at Buzzacott, works with high-net-worth US citizens, small business owners, partners and US/UK dual qualified charities and foundations. He helps his clients navigate through both US and UK tax systems, to ensure they are not double taxed, through offering proactive cross-border tax compliance services and bespoke personal US and UK tax advice tailored to individual circumstances. Paul is an expert on the US Global Intangible Low Taxed Income (GILTI) regime and its impact on US citizens with Controlled Foreign Corporations (CFCs).
Liam McKeevor, Partner at Buzzacott, is a corporate and business tax specialist advising clients ranging from large international groups and private equity structures to entrepreneurial start-ups. He assists clients on the implications and appropriate structuring for expanding to the UK or growing overseas. He also helps businesses deal with the changing international tax landscape, including advice on transfer pricing, the diverted profits tax and the growing compliance obligations demanded of companies.
Kristin Konschnik is a Partner at Butler Snow, a law firm with practice areas in bankruptcy, construction, labour and employment, tax, immigration, intellectual property, and real estate, among others. She is a US tax attorney advising companies and individuals on the US and international tax aspects of transactional matters, including cross-border sales and acquisitions, hedge and private equity fund transactions, and tax-efficient US inbound and outbound business and investment structures, including partnerships.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you in the UK. -
Be it a penthouse in The City or a cottage in the countryside, as a US citizen buying property in the UK, you’re exposed to a whole roomful of potential tax complications. But with a bit of planning, you can save yourself a small shed-load of tax. This episode opens the door to the UK property market, with the need-to-knows for acquiring your next home.
Our experts discuss the tax and legal steps for US citizens:- The UK property market
- Step one: Becoming a homeowner – the legal process, bringing funds from the US, Stamp Duty Land Tax and the importance of a will.
- Step two: Maintaining the property – UK inheritance tax and US estate tax, mortgages, exchange rates and foreign tax credits.
- Step three: Selling the property – US income tax and making gifts, UK tax and Private Residence Relief.
Speakers
Carlo Gray, Partner at Buzzacott, a top 20 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. He has a wealth of experience managing both the US and UK tax affairs of high-net-worth individuals, small business owners, senior executives and partners in partnerships, with a particular niche in the financial services field.
Hugh Llewellyn, Associate Director at Buzzacott. Being dual-qualified, he is able to service both the US and UK tax needs of a broad spectrum of clients ranging from entrepreneurs and managers of small businesses to senior executives (both working and retired). As well as assisting non-domiciled clients with UK tax issues, he also advises UK citizens who are either resident or soon-to-be resident in the US or who have other cross-border issues.
Jaime McLemore, Partner at Withers, an international law firm, specialising in tax, trust and estate planning, and other legal issues facing high-net-worth individuals. She advises on US and international tax and estate planning, particularly for families and trusts with US/UK cross-border concerns. Jaime also devotes a large part of her practice to advising individuals and families in relation to their philanthropic goals and charitable structuring.Richard Rogerson, CEO of RFR, a market-leading, independent property private office based in Chelsea. Richard specialises in advising wealthy families and individuals on prime and super prime residential property in London. He has discretely advised on some of the most high profile, high value and highly sensitive transactions in the UK.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you in the UK. Stepping Stones brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK. -
Finding your way around a new place takes time, patience and (ideally) a helping hand. Sure, you can buy a map – but a clued-up local will definitely get you further. Think of this episode as your personal guide to the complex US/UK landscape, and get your ducks in a row so that when you cross the pond, a nasty tax bill doesn’t follow.
Our experts discuss the key tax and legal steps for US citizens when planning a move to the UK, including:
- Step one: Applying for a visa – choosing the right visa option for you and the importance of timing.
- Step two: Pre-arrival planning – domicile and residence, the remittance basis, and legal factors.
- Step three: Arriving in the UK – the basics of US/UK tax, legal documentation and wills.
- Step four: Staying in the UK – indefinite leave to remain, permanent residency and US connections.
Speakers
Scott Barber, Partner at Buzzacott, a top 20 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. Scott has over 25 years’ experience both in the US, his country of birth, and the UK where he has settled, dealing with expatriate tax issues. Scott helps to iron out the complex cross-border tax regulations and is also able to help senior executives working in financial services and owner-managed businesses with temporary or longer-term relocations.
Martin Scullion, Partner at Buzzacott, is a dual qualified US and UK tax advisor who looks after a wide range of clients with US/UK tax issues. His clients come from a variety of backgrounds and include non-doms, US citizens, US green card holders and US residents. Martin also acts as an adviser to a number of trust companies, providing US/UK tax advice and compliance services to trustees, settlors and beneficiaries of offshore trusts.
George Mitchell, Partner at Forsters, a leading London law firm providing legal advice to clients principally drawn from the real estate and private wealth sectors. George advises UK and international individuals, families and trustees on a broad range of tax, trust and estate issues. George regularly advises international clients on remittance basis planning, the establishment and taxation of investment holding structures, and succession planning for those with interests in multiple jurisdictions.
Lucie Bennett, Associate at Forsters, acts for both UK based and international clients on a broad range of estate planning and personal taxation matters. Much of her experience has an international dimension and she has a particular interest in advising clients in relation to US/UK cross-border matters, especially on the development and implementation of integrated estate plans.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you in the UK. Stepping Stones brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK.
