The UK’s Chancellor of the Exchequer delivered his Spring Budget today to a rowdy House of Commons that had to be called to order before it had even properly started. Noting this is an election year, he painted a positive picture of the UK’s economy stating the UK had the lowest national debt in the […]

The United States stands as one of only two countries in the world (Eritrea being the other) that assesses personal income tax based on citizenship as well as residency. This distinctive tax system subjects US citizens to taxation on their global income and gains, irrespective of their place of residence. Consequently, managing tax affairs becomes […]

This article aims to serve as your comprehensive guide to understanding the nuances of foreign trusts. Whether you’re a trustee, grantor, settlor, or beneficiary, we’re here to unravel the complexities and shed light on potential pitfalls and opportunities within the realm of cross-border trust taxation. Demystifying ‘US Person’ ClassificationBefore delving into the specifics of foreign […]

The United States imposes an estate or succession tax on the transfer of specific US situs assets owned by a person on death, even if the person was neither a citizen nor a resident of the United States at death (aka a non-domiciliary). US situs assets owned at the decedent’s death that are subject to […]

The annual tax filing season commences today and we are delighted to summarize some important changes to 2023 tax year when compared to prior years. The most notable changes are: 1. The first page of Form 1040 will look slightly different than prior year. The filing status field has now moved below the taxpayer’s information […]

The US tax year runs from January 1st to December 31st each year. For anyone subject to US tax systems, there are some of the deadlines and key dates for US tax filing that they need to be aware of throughout each tax period, wherever they are in the world. Below are some of the […]

The complexities of US taxation, particularly Unrelated Business Taxable Income (UBTI), can deter European private equity firms looking to unlock the lucrative US pension funds market, but learning how to navigate them really is worth the effort. European PE is driven by a fiercely competitive marketplace and the US, home to about half of the […]