MASECO hosts first USExpert Series Luncheon on NIIT
On Tuesday 01 July, MASECO hosted a group of London-based US tax experts over lunch to discuss the impact of the Net Investment Income Tax (NIIT) provisions on US persons living overseas. Charles Bruce, of American Citizens Abroad (ACA), chaired the event and guided the group discussion.
Representatives from Deloitte, PwC, Frank Hirth, Westleton Drake, Buzzacott, Withers, and Butler Snow, among others, were present to discuss individual perspectives on the current status of the provisions and interpretations of how the regulations should be applied to US clients. A large area of concern among clients and professionals is whether there is intent by the US government for the US-UK Income Tax Treaty or Totalization Agreement to apply to the NIIT. There is general consensus among the group that the regulations should be made clearer with regard to whether foreign taxes paid are allowable as a credit against the NIIT.
MASECO continues to be thought leaders in raising important issues for American citizens abroad and will continue to work tirelessly to gather support for regulatory positions that are favourable for US persons overseas. If the opportunity arises, MASECO will help to support lobbying of a possible technical correction of the NIIT on Capitol Hill in the future.