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US and UK Year End Planning 2018: Residency

Private Clients - 29 Nov 2018

  1. If you are contemplating a change in residency this is an optimal time for planning, whether you are moving from one state to another or one country to another.
  2. Accumulating years of UK residency limits the relief you and your family can claim under the remittance basis of taxation if non-domiciled. Be aware of the points at which your circumstances change and ask for our help in planning ahead.
  3. Continuing to hold a US green card when no longer needed can create tax issues upon relinquishing the card later, as there is a potential expatriation exit charge when held for 8 out of 15 years. Be mindful of changes triggered by the passage of time. Taxpayers may wish to take advice as to whether there would be any advantage in surrendering the green card this calendar year.

Read the full report here

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.

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Lucy Townsend

Lucy Townsend

Private Client Associate Director

T: +44 (0) 20 7833 3500
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Office: London