92. PFICs, State Taxes and Costly Mistakes for Americans Moving to Britain
About this episode
This episode provides practical tax advice for Americans moving to the UK, highlighting common mistakes and complexities in dual tax obligations.
Moving to the UK can be an exciting opportunity, but for Americans abroad, it often comes with a harsh reality: the US tax system doesn’t stay behind. This episode delivers practical advice for expats navigating dual tax UK and US obligations. Richard Taylor, Chartered Financial Planner and founder of Plan First Wealth, is joined by Sally Hawkins, Tax Partner at Gunnar Cook, to unpack some of the biggest tax mistakes Americans make when relocating to the UK and why so many expats find themselves caught out by rules they never knew existed. As an expat wealth advisor specializing in cross border financial planning, Richard breaks down what British expat and American abroad needs to know. From citizenship-based taxation and PFIC reporting requirements to ISA pitfalls, foreign investment restrictions and complex filing obligations, Richard and Sally explain why moving overseas rarely simplifies your tax affairs and how innocent mistakes can quickly become expensive problems. The conversation also explores the challenges faced by internationally mobile professionals, including equity compensation, founder shares, restricted stock units (RSUs) and why a lack of planning before a move…
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