FATCA

  • Should I leave my investments, assets and pensions in the UK, or liquidise and move them to the US?

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    If you are moving to the US from the UK then, at some point, you will come across the question of what to do with your financial assets. Assuming you have worked and lived in the UK for some time then it is likely that you will have accrued savings and other assets. You might have contributed to a private or workplace pension, for example, saved so...
  • Video: FATCA explained for Brits in the US

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    If you’re a Brit living in the US, or if you plan to move to the States any time soon, then you need to know about FATCA. The Foreign Account Tax Compliance Act is a new US government policy, that could pose a big risk to your assets, once you complete your move to the USA. Our video explains exactly what FATCA is, why it particularly affects Briti...
  • Have you stranded your pension in Malta?

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    Due to the historic inability to move a pension from the UK directly to the US, many UK expats, who are now US residents, moved their pensions to Malta. Malta has a favourable tax treaty with the US and allows pension access from that country, so a move to Malta may have made sense in the past. Now, however, with the advent of FATCA and the knock-o...
  • FATCA and a warning to Brits in the US

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    The Foreign Account Tax Compliance ACT (FATCA) became law in March 2010. A key focus of this piece of legislation is reporting by US tax payers of certain foreign financial accounts and offshore assets. It also covers reporting by financial institutions about financial accounts held by US tax payers. The objective of FATCA is ensure the US Governme...
  • US nationals in the UK: We can help you to plan for FATCA

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    As FATCA continues to gather steam in the US, an increasing number of American citizens abroad are being swept into its web, or coming to realise their new tax responsibilities. If this sounds familiar then we can help you to plan for any potential liability and correctly report your tax under the new FATCA rules. If you are unfamiliar with the For...
  • American Citizenship figures reflect looming FATCA influence for those with no tax plan

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    Writing in Forbes, Robert W. Wood has noted two very interesting figures relating to American Citizenship figures during the second half of 2014. Firstly, Wood notes that the US has raised the fee it charges its own citizens to renounce their citizenship from $450 to $2,350, an astonishing 422% rise. This fee is purely a transactional processing fe...
  • Infographic: The facts about FATCA

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  • What is FATCA, how can it impact British nationals in the US and what should you do about it?

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    The Foreign Account Tax Compliance Act, or FATCA, is a system designed to recoup tax from US citizens who have foreign investments, but British expatriates based in the US risk being sucked into the system and paying large fines on their investments back home. A relatively new initiative, FATCA was designed by the US government to recoup some of th...
  • Will you be affected by FATCA?

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    The Foreign Account Tax Compliance Act (FATCA) is a complicated initiative by the US government to recoup tax from money held in offshore accounts. For US nationals, or those who have emigrated to the US, working out whether you may be subject to FATCA can be complicated and failing to submit the relevant documents on time can be extremely costly....
  • The dangers of using QROPS for US residents and FATCA reporting

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    Qualifying Recognised Overseas Pension Schemes (QROPS) is a legitimate retirement planning tool for the majority of British expatriates. However, care needs to be taken when you are a US resident using a QROPS as there may be significant disadvantages. There is no structure in place to transfer a pension to the United States therefore those with UK...
  • Thank you for attending our emigration seminars

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    Alexander Beard Group would like to thank all of our fellow advisers who joined us at our seminars on advising clients who are emigrating. The seminars took place across the UK during the course of the week commencing 2nd June and we hope those of you who attended gained an insight into the ways in which you can continue to look after your clients...