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Where Taxpayers and Advisers Meet

Search found 226 matches

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by DavidTreitel
Mon Jun 02, 2014 9:04 pm
Forum: International Tax
Topic: US Mutual Funds-- Transition to Arising Basis
Replies: 1
Views: 621

Re: US Mutual Funds-- Transition to Arising Basis

Forget tax; what do you actually want to do with the money - this will drive your tax choices. What is your existing tax adviser's view, incidentally?
by DavidTreitel
Wed Apr 09, 2014 9:01 pm
Forum: International Tax
Topic: US Tax compliance requirements
Replies: 1
Views: 605

Re: US Tax compliance requirements

A US citizen is always required to file annual US income tax and informational returns unless citizenship has been relinquished or renounced. The client will be able to choose how to come into compliance which may involve 3, 5, 6 or 10 years of tax returns depending on circumstances and attitude to ...
by DavidTreitel
Sat Mar 01, 2014 3:55 pm
Forum: International Tax
Topic: Taxation of US IRA's in the UK
Replies: 4
Views: 2374

Re: Taxation of US IRA's in the UK

The first question is whether you have elected into the treaty. If you have not then you simply sold some investments to release some cash. The next question is whether this is taxable if you have elected into the treaty. If it is an LSD it is taxable under the treaty in the US; if it is not it is t...
by DavidTreitel
Tue Jan 28, 2014 9:07 pm
Forum: International Tax
Topic: Income from royalties already taxed in the US...
Replies: 1
Views: 755

Re: Income from royalties already taxed in the US...

The withholding tax in the United States is just tax; it is fully refundable. As a consequence you will need an ITIN and to file a US tax return to reclaim the US tax withheld. The UK will not give credit for a refundable tax. Incidentally we are a Certifying Acceptance Agent authorised by the IRS t...
by DavidTreitel
Tue Dec 17, 2013 10:20 pm
Forum: International Tax
Topic: US Holiday Home
Replies: 1
Views: 568

Re: US Holiday Home

From a UK perspective holding in your own names makes sense (2 CGT exemptions on sale; 10% wear & tear relief for rental income and so on). From a US lifetime income tax perspective this is simpler & easier. You may though be hit for estate taxes on the first of you to die because there is no unlimi...
by DavidTreitel
Wed Dec 04, 2013 11:46 pm
Forum: International Tax
Topic: ETF capital gain/dividend taxation
Replies: 3
Views: 1184

Re: ETF capital gain/dividend taxation

Unless the ETF has obtained UK reporting status any gains are taxed by the UK as offshore income gains. Losses cannot be offset. It is unclear if you are electing the remittance basis from your question. David Treitel | Managing Director | American Tax Returns Ltd Enrolled Agent to the United States...
by DavidTreitel
Mon Oct 14, 2013 8:12 pm
Forum: Income Tax
Topic: UK tax on foreign employment income
Replies: 17
Views: 4938

Re: UK tax on foreign employment income

You still need to file a US income tax return for 2012. This is mandatory and will tell you how much foreign tax you might claim on a UK return.
by DavidTreitel
Sat Jun 15, 2013 12:08 am
Forum: International Tax
Topic: Working in UK -> emigrate to US
Replies: 1
Views: 597

Re: Working in UK -> emigrate to US

This is not simple. The US will tax you on worldwide income and gains once US resident. You may want to structure your finances appropriately beforehand. You should also familiarise yourself with the US/UK tax treaty.
by DavidTreitel
Fri Jun 07, 2013 10:47 am
Forum: International Tax
Topic: SA106 Country Code and Foreign Funds
Replies: 1
Views: 587

Re: SA106 Country Code and Foreign Funds

If these are US funds the offshore income gain regime will come into play. Credit in the UK can be claimed for the 15% US tax due on the dividends (as 15% is the treaty rate), but no more.

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