US and UK Year End Planning 2018

Lucy Townsend:
Phone: +44 (0) 20 7833 3500
Date: Thu, November 29, 2018

Whilst tax planning is not only to be considered leading up to year-end, it is often a perfect time to review your tax affairs and ensure they are in order and optimised where appropriate. With the end of the US 2018 calendar year only weeks away, and the end of the UK 2018/19 fiscal year not far behind, we have summarised several broad planning ideas relevant for individuals needing to consider both US and UK tax rules. We recommend taxpayers having to deal with the complexity of two or more tax jurisdictions, i.e. US taxpayers living overseas, to take specific advice on the items raised below as there is no one size fits all approach. For US individuals with interests in foreign corporation the changes introduced as part of the ‘tax reform’ process mean that there is an even greater level of complexity to consider.

  1. Accelerating payment of non-US taxes
  2. UK taxes interaction (only relevant if you pay UK income taxes)
  3. Capital gains and losses
  4. Impact of US tax reforms
  5. Residency
  6. Ownership of Assets and Gift and Estate Planning


Frank Hirth's offices will close for the holidays at the close of business on Monday 24 December 2018 and will re-open on Wednesday 2 January 2019.

This article has been written for the general interest of our clients and contacts to stimulate further thought and enquiry. It does not contain answers to specific situations and it is therefore essential to treat it as a prompt to take specific advice on any real and particular issues. We believe that the facts as summarised in this article are correct as at the time of going to press in November 2018. If we discover that the article might be read in a way that conveys a misleading impression (whether by tone, content, error or omission) we will make the necessary changes and draw attention to what has been changed once we become aware of the need to do so. We will not be responsible for any action taken by a reader who relies on the article but does not seek further advice to answer any specific query.

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