remittance basis

When thinking about marriage or divorce, tax probably won't be one of the first things that spring to mind. But as a US citizen living in the UK, different life stages like these can come with added complexity. Here's what you need to know about marriage and divorce, from the US/UK tax, financial planning and legal experts.

Step one: Pre-marriage planning – prenuptial agreements, US filing status and transfer taxes.

Step two: Marriage – financial planning options, remittance basis, asset ownership, wills and estate planning.

Step three: Divorce – legal process, transfer of assets, pensions sharing and returning to the US.

Speakers:

Carlo Gray is a Partner at Buzzacott,  a top 25 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.

Sarah Whitelaw is a Partner at Buzzacott and works on all things concerning US and UK tax returns, IRS streamlined submissions, expatriation and foreign tax credit planning. She has significant experience working with family lawyers to advise on the tax consequences of divorce where one or both spouses are US persons.

Rachel O’Donoghue is a Partner and the Head of Financial Planning at Buzacott.  She provides independent, whole of market advice to private clients in areas such as investments, pensions, estate planning and lifetime cashflows. Although she has a broad range of clients, Rachel has particular experience in the provision of advice to individuals who are non-domiciled, UK resident US persons.

Will MacFarlane is a Partner in the Family and Divorce team at Kingsley Napley, which for over 80 years has been recognised for providing the highest quality legal advice and services. Will advises clients on the full range of family law issues arising on the breakdown of relationships. He has a particular interest in resolving complex financial claims often with an international element. He also advises on arrangements for children following the breakdown of a relationship. On the non-contentious side, Will is frequently instructed by families to advise on wealth protection issues and nuptial and cohabitation agreements.

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 will 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 while you’re in the UK. Our Stepping Stones series 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.

www.buzzacott.co.uk/stepping-stones

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.