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.

Moving to the UK - crossing the pond

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.

Owning UK property - snakes and property ladders

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.

Setting up a UK business – be your own boss, not your downfall

Buzzacott is a Top 20 UK accountancy and HR consultancy firm in London with a team in Hong Kong, providing tailored expertise in audit, corporate and personal tax, VAT consultancy, HR and financial planning.

Buzzacott LLP