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The USA is not necessarily the land of the tax-free.
KEY POINTS :
- UK banks are now issuing FATCA letters to customers with a US connection.
- HMRC will exchange information on UK financial accounts with the IRS.
- The US suspends the statute of limitations for years when tax returns remain unfiled.
- A streamlined procedure allows US taxpayers living abroad to become compliant.
- Those who have not filed returns must explain to the US tax authorities why their conduct was not wilful.
Last week was one of those times when new clients seemed more stressed and anxious than ever. It was late on a cold autumnal day that I met Hilary. By the time of our meeting she was in quite a state mainly about tax. Hilary – I learned – had been born in...
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