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Wimbledon – Week Two

With the 131st Championship well underway, Wimbledon fever is in full swing.

As we get closer to the quarter final, semi-final and final rounds, nearly everyone in the UK will be focused on results. As with any year, there have been shock early exits and commanding displays from some of the favourites.

4th of July – Ideas for celebrating as an American in the UK

American Independence Day is traditionally one of the hallmarks of summer filled with outdoors events, BBQs and fireworks. It is a day of patriotic celebration and family events throughout the US. With 4th of July tomorrow, we lay out some ideas below on how you can celebrate the holiday this year. Being an American in the UK certainly shouldn’t stop you from finding your own ways to celebrate and feel at home.

Arising Basis Taxation and your Investment Portfolio

Upon arriving in the UK, most Americans are non-domicile for income tax purposes. Usually you can elect to pay tax on the remittance basis so that UK tax is only paid on foreign income or gains when they are brought into the UK. Once you have been resident in the UK for more than 7 out of the last 9 tax years you are taxed on the arising, or worldwide, basis unless an election is made to pay an annual Remittance Basis Charge (otherwise known as the RBC). Under rules that come into effect for the new UK tax year, this RBC can only elect to be paid for the tax years prior to meeting a UK long-term residency of more than 15 out of the last 20 years. For many Americans, paying the annual charge often does not make financial sense due to being subject to US tax on a worldwide basis. As a result, it is usually in your 8th UK tax year that you often find yourself dealing with worldwide taxation in two jurisdictions. Knowing what is tax-efficient from both a US and UK perspective becomes of utmost importance.

It’s that time of year again – A reminder of the US tax filing deadlines

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.

US pension contributions in a world of changing UK pension landscape

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.

A little bit of America in London – NBA Global Game set to be played at O2 this week

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.

It’s that time of year to start thinking about year-end planning

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 in London – Another NFL International Series in London about to come to a close

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.