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DAVID TREITEL explains tax for the American living in the UK
KEY POINTS
- Nationality is based on birth or ancestry.
- American citizens are taxed for ever.
- US tax rates are lower than UK rates.
- UK exemptions for income and gains may not be available in the USA.
- UK tax planning may not always be helpful.
American citizens and green card holders are chargeable to US tax on worldwide income and gains — no matter when they last visited the States.
For the majority annual US return filing is required — with potentially severe penalties for non-compliance.
US citizenship is given to anyone born within the US as well as to most children born overseas to US citizen parents.
Sometimes this creates the trap of 'unaware Americans' people who genuinely do not know they are automatically American but who are still caught...
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