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Five Tax Traps for Brits by the Bay

US/UK Tax partner Dan Hyde shares exclusive content for Brits by the Bay 2020, including his ‘Five tax traps’.

Blick Rothenberg is proud to be a sponsor of GBx Brits by the Bay 2020.

In a range of videos and short articles, Dan Hyde shares his insights regarding the top five tax traps that catch many British business people that live and work in the US. These include:

  • Are you still subject to UK death taxes if you’ve moved to the US?
  • Greencards: beware the unexplained tax consequences
  • LLCs and Living Trusts: The major problems on returning to the UK
  • Unexpected tax charges on moving back to the UK
  • Do you know where you are resident for tax purposes?

If you are a GBx member, and would like to arrange a free consultation with Dan to discuss your specific situation please get in touch.

For more information on Brits by the Bay 2020 and how you can register, please click here.

1. Greencards: beware the unexplained tax consequences

Upon arrival in the United States, one of the first thing at the front of your mind may be applying for a Greencard. However, this can result in unexpected tax consequences.

In this video, Dan looks at what these tax traps might be and what Greencard holders need to consider when applying.

Or you can find a short article on the topic here.

2. LLCs and Living Trusts: The major problems on returning to the UK

One of the biggest challenges facing those who have been to the US and want to return to the UK, is the way the two jurisdictions classify certain trusts, corporates and structures.

If this hasn't been considered, it can lead to some very unfortunate and unexpected tax consequences.

Dan looks at some practical examples and outlines what you need to think about when returning to the UK from the US.

Or you can find a short article on the topic here.

3. Unexpected tax charges on moving back to the UK

If you are from the UK and moving back to the UK, and you haven't been out for more than five complete tax years, there are some tax charges potentially on re-entry that people may not be aware of.

Dan discusses the importance of being aware of, and working in and around these rules.

4. Do you know where you are resident for tax purposes?

One of the biggest mistakes we see people make is understanding where they are resident for tax purposes.

Dan looks at why this is such a common issue and the importance of looking at, considering, and getting this right from the beginning for individuals and employers.

5. If you have moved to the United States, are you still subject to UK death taxes?

In this video, Dan looks at UK death taxes and the importance of understanding exposure to them if you are moving to the United States.

Insights

09 September 2020

Limited Liability Companies and Living Trusts

Dan Hyde looks at some of the challenges around LLCs and Living Trusts facing those who have been to the US and want to return to the UK.

09 September 2020

Exit tax for long-term permanent residents

Dan Hyde shares his insights regarding what Greencard holders need to consider when applying on arrival to the United States.