Trust-related anti-avoidance tax legislation in the US and UK has increased significantly in recent years.
Much of it focuses on the accumulation of income and gains within an offshore trust and can have a major effect on the tax basis analysis of historical trust activity, sometimes right back to the original formation date.
What’s more, there is often very little synergy between local law accounting practices and the tax basis analysis required by US or UK tax authorities.
At Frank Hirth, our specialist team has the experience and expertise to analyse accounting records for the US and UK effectively and efficiently. Robust analysis enables us to complete any compliance requirements for distributions already received, as well as identifying further potential planning opportunities.
Since 2004, the IRS has had the statutory authority in cases where a US person willfully fails to disclose balances… twitter.com/i/web/status/1…
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