Missing home? Here are our top four suggestions for a meal in Britain’s capital city where you can find a little patch of America.
It’s that time of the year again. That time where US individuals are beginning to think about their 2016 tax year filings. Many people have received their relevant W2’s (or equivalent pay statements reflecting their employment earnings and withholdings), their 1099s related to investment income and their 1099s related to taxable pension distributions and reportable rollovers. So, let’s take a moment and review some of the most relevant filing deadlines for US individuals.
For many Americans living in the UK, the focus of retirement savings and contributions has typically been UK pensions as opposed to US pensions due to the generous annual allowances and tax relief offered in the UK as a higher tax jurisdiction. However, with the ever changing UK pension landscape, individuals earning over £150,000 have a tapered UK pension allowance, making funding US pensions as part of the overall retirement saving strategy slightly more attractive.
Many Americans who live in the UK maintain a level of assets in the US post-arrival. So, what are the considerations needed when you decide that you want to bring money from the US into the UK?
The 02 is set to host a regular season matchup between the Denver Nuggets and the Indiana Pacers as part of the NBA Global Games series on Thursday 12 January 2017. This game, which is part of the 2016-17 season Global Games, will mark both teams’ first trip to the UK and will be the league’s seventh regular season game played in London. Other games are being held in Mexico City.
NBA Commissioner Adam Silver has previously said that the hosting of the games ‘underscores our commitment to growing basketball in the region and to bringing more regular-season basketball to our fans in the UK.’ So, similarly to the growth of the NFL in London, it is likely that we can expect to see more NBA games played overseas in the coming years.
Americans in the UK not only need to balance two jurisdictions, they also need to take into account the differing tax year ends. As we quickly approach the holiday season and end of the year, it is a great time to review wealth goals and objectives and consider areas of tax planning that require action before 1 January. Below is a non-exhaustive list of some areas individuals may want to give consideration to. Areas mentioned will not be relevant to all individuals and expert advice should be sought on how to apply opportunities to individual circumstances.
A little bit of America fills the streets of London each Autumn with the NFL International Series games held at both Wembley Stadium and Twickenham. With the second of the three game London series just behind us, the third game is set to take place this weekend on Sunday 30 October. This final game, between the Washington Redskins and the Cincinnati Bengals, will add two new teams to the ranks that have played regular season games in London.
The International Series continues to build a mutual interest in an increased NFL presence here in London. The NFL will be playing at least two games each year at Wembley through 2020 and also has agreed to play two games at the new Tottenham stadium at White Hart Lane beginning in 2018. Twickenham will also host a minimum of three games over three years as well. Certainly hosting games at various venues around the city will give fans different types of experience and continue to generate interest from visitors from across the Pond.
Whether or not a permanent British franchise team ever comes to fruition, it appears as though the series will continue to be a success that both London and the NFL will benefit from. And, either way, this is likely to make Americans here in London feel a little bit more at home.
It is common for people to have questions about UK visas. The process can be a daunting one. There are broad considerations that need to be given attention as one goes through this process. And, depending on your visa status, it is important to also understand your obligations.
Below, we share a recent article from The American Magazine that covers some of the basics that are important to know if you are an American moving to the UK.
For more wealth planning tips and tidbits from MASECO read our 39 Steps to Smart Living in the UK.
Risk Warnings and Important Information
The value of investments can fall as well as rise. You may not get back what you invest.
The above article does not take into account the specific goals or requirements of individual users. You should carefully consider the suitability of any strategies along with your financial situation prior to making any decisions on an appropriate strategy.
MASECO LLP trading as MASECO Private Wealth is authorised and regulated by the Financial Conduct Authority, the Financial Conduct Authority does not regulate tax advice. MASECO Private Wealth is not a tax specialist. We strongly recommend that every client seeks their own tax advice prior to acting on any of the strategies described in this document.
Being an American living outside of the US can be difficult, with all of the complex reporting requirements and potentially adverse tax consequences of owning foreign securities. Sometimes, the seeming hassle sparks expats to want to give consideration to giving up their US passport. Below we will discuss a few of the many financial considerations associated with expatriation.
The process of expatriation can be different for people depending on their individual circumstances and whether or not you are considered to be what is called a ‘covered expatriate’. If any of the following three scenarios apply to you, and you expatriate post June 2008, then you are considered a ‘covered expatriate’:
Daily life in the US and the UK has its similarities and its differences. Almost any American who lives in the UK can put together their own list based on their perspectives and past experiences. Everyone gets homesick from time and time and it is easy to sometimes get caught up and dwell too much on the familiar and underappreciate the differences.
Bill Bryson is an American author who lived in the UK for over twenty years. At the point in time he decided to return to the US, he took one final trip around the country and wrote a travel book called ‘Notes from a Small Island’ providing humorous insight into daily life in the UK. In light of recent events, we thought this excerpt from the book was particularly well placed.