The appeal of opening and contributing to an Individual Savings Account (ISA) is evident for UK-only residents and taxpayers, given the tax-free status of interest, dividends, and gains within these accounts. However, the landscape is nuanced for US taxpayers residing in the UK.
Within the latest edition of the American magazine, Andrea Solana, Head of Advanced Planning at MASECO, discusses the importance of using IRAs as part of your retirement planning strategy.
Within the latest edition of the American magazine, Andrea Solana, Head of Advanced Planning at MASECO, discusses when it is best to begin collecting Social Security benefits.
Passive Foreign Investment Companies (PFICs) form part of the 1986 IRS tax reforms that closed loopholes being used to protect offshore investments from taxation. The 1986 tax reforms not only sought to close the loophole, but also to bring such offshore investments under US taxation and deter US taxpayers’ interest in such investments through punitive tax rates.
As with other financial decisions, Americans often have additional areas of consideration when purchasing a property in the UK.
Within the latest edition of the American in Britain magazine, Sindbad Fawcett, Senior Wealth Executive, discusses four key financial areas we believe you should consider ahead of the end of the US tax year.