The Finance Bill 2013 was published just before Christmas containing legislation to give effect to the new tax charge for high value UK residential properties owned by Non Natural Persons (NNP’s). We summarised in our previous blog the key changes in respect of the Annual Property Charge (ARPT), Stamp Duty Land Tax (SDLT) and the […]

Enacted in 2010, the Foreign Account Tax Compliance Act (“FATCA”) requires foreign financial institutions (“FFIs”) to report information to IRS on their US accounts and to withhold and pay tax on various US source payments. FATCA also imposes substantial rules on Non-FFIs (NFFIs). In our blog, we have posted several updates (links listed below) on […]

The UK Finance Bill 2013 was published just before Christmas containing legislation to give effect to the new tax charge for high value UK residential properties owned by Non Natural Persons (NNP’s). We summarised in our previous blog the key changes in respect of the Annual Property Charge (ARPT), Stamp Duty Land Tax (SDLT) and […]

As some of you may know, Congress has now set the Estate/Gift Tax lifetime exemption, which was scheduled to be reduced to $1 million on January 1st of this year.  However, Congressional action has now resulted in the exemption being set at $5 million. This amount will be adjusted for inflation. For 2013 the exemption […]

For those of you who are not aware, US estimated tax payments are used to pay US tax on income that is not subject to US tax withholding.  If you do not pay enough through withholding you may be subject to a penalty. Some of you have been doing this throughout the year, and this […]

On January 3, 2013, Mr. Otto Bruerer of Wegelin & Company, which was founded in 1741 and Switzerland’s oldest bank, entered a plea on Wegelin’s behalf to a single count of conspiracy to commit tax evasion (the technical language of the charge is “willfully and knowingly would and did defraud the USA and the IRS […]

As most of you are probably aware, Congress and President Obama averted the country going over a ‘Fiscal Cliff’ at the very last minute by passing and signing the American Taxpayer Relief Act (“ATRA”) of 2012. Two of our in house lawyers, Andrew Aldridge and Bradley Albin have outlined it below. From an individual tax […]