Ann Marie Regal CFP®’s Post
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Keep your eye on the UK Budget!
UK Budget 2024— Changes to Domicile
avriowealth.com
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Please join us for this insightful event for all who have UK tax connections!
On 6th March 2024, the UK Government made a surprise announcement that it intends to abolish the over 200-year-old non-dom regime and replace it in April 2025 with a radically different regime and set of rules. This will have far-reaching consequences, not only for those under the current regime but also for attracting investment into the UK. We are running a seminar with Withers that will cover the following topics: Understanding the differences between UK-dom and a non-dom; Key UK tax considerations for individuals in both camps; How the rules are going to change, and what this means for affected individuals and investors; and Solutions to mitigate potential UK tax liabilities. 15 MAY 2024 | Location: Withers KhattarWong LLP 18 Cross Street, #14-01, Singapore 048423 5:30-7:30 pm Please register for this in-person seminar by clicking the RSVP button below. https://lnkd.in/gtr9hfta
Event | Changes to domicile and the UK tax landscape: planning and opportunities | Singapore | Withersworldwide
withersworldwide.com
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Thank you for saying this so perfectly.
International Tax Badass. Helping HNWIs minimize taxes and protect their assets for the next generation. Founder & CEO of Esquire Group. Bloomberg Tax Author. Chairman of the IBSA Middle East Chapter. Pilot.
Public service announcement! If you are a US person, you can't save taxes by going offshore. Those days are over. Every so often I have someone schedule a consultation with me to learn how they can save money by going offshore. Save yourself the consultation fee, you can't. If you transfer assets to a foreign trust, you will continue to be taxed on the income generated by the assets you put in the trust--whether you receive it or not. This is regardless of whether the transfer to the trust was a completed gift or not. If it was completed gift, you will be liable for gift tax if you have used up your lifetime gift tax exclusion. Oh, and you will be liable for capital gains tax on any appreciation when you die. If it wasn't a completed gift, the assets will be included in your estate when you die. I wrote a Bloomberg article about this. You can check it out here: https://lnkd.in/dSSSVNXJ Income earned through a foreign corporation will be attributed to you as a US shareholder. As such, you will be liable for tax on the profits of the foreign corporation whether or not you actually receive them. In addition to owing tax, you will have a slew of information reporting to disclose your foreign income and assets to the IRS. And the penalties for mistakes are high. I wrote an International Tax Form Filing Guide that explains all the required tax reporting for US persons for foreign income and assets. You can download it here: https://lnkd.in/dCyjXc3R It pains me to say it, but just pay the tax and call it day. #taxes #internationaltax #ustax #familyoffice
Foreign Trusts Pose Headaches for US Transferors, Beneficiaries
news.bloombergtax.com
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