London-based wealth manager London & Capital has put together advice for Americans living and working in the UK, its managing director Daniel Freedman has said.
He said an estimated 180,000 Americans were living in the UK, and were facing complex tax-planning issues as the end of the American tax year approaches on 31 December.
Mr Freedman, who is also head of the US Family Office, said: “At this time of year we traditionally advise our clients to begin planning for the US tax year end, as well as to start considering the UK tax year end in April, to ensure they have taken advantage of all allowances available to them.
“We typically send letters and white papers to our American community in the UK to urge them to act sooner rather than later, and now is the time.”
Both jurisdictions have considerably different tax planning rules and allowances.
Barry Richards, director of Hampshire-based Bourne Independent Financial Advisers, said: “We would always refer American clients to an accountant, because US tax regulations are very tricky. It would be interesting to see what guidance could be produced.”