US and UK TAX Developments for Private Clients - What's on the Atlantic Horizon
Following the change of president in the US and as we approach the 3rd March, 2021 UK budget and the increasingly strident warnings of tax rises to come in both the US and UK, we thought it might be useful to share a few key areas that might affect US/UK dual taxpayers in the coming twelve months and further afield.
Following the change of president in the US and as we approach the 3rd March, 2021 UK budget and the increasingly strident warnings of tax rises to come in both the US and UK, we thought it might be useful to share a few key areas that might affect US/UK dual taxpayers in the coming twelve months and further afield.
Starting with the recent US election and Democratic control (just) of both the houses of Congress, we might anticipate some impending changes to the US Federal tax system with the new administration. However, though, there are some well documented political hurdles to overcome, that means this is unlikely to be until 2022 or even later for any significant changes or even any at all. To some extent, the Democrats could do nothing and wait for many provisions to expire in 2025 without needing to use time or political capital to do so.
Whilst eventual US changes could be far-reaching and increase overall US taxation on some clients, for those also resident in the UK; any US changes have to be seen through the prism of the UK tax system also.
Discover more: US and UK TAX Developments for Private Clients – What’s on the Atlantic Horizon
For similar content to our Global Guide, subscribe to our mailing list and keep up to date.
