Does FATCA Reporting Requirements UK Apply to All Citizens?
FATCA Reporting Requirements UK: FATCA is the Foreign Account Tax Compliance Act. It applies to U.S. persons residing in the U.S. and abroad who meet the threshold requirement for reporting. The FATCA Reporting Requirements UK vary based on the marital status and country of residence. The failure to report foreign assets may result in fines and penalties, which is why foreign accounts and assets compliance is crucial
Common UK Reportable Accounts?
We have spoke with thousands of individuals on matters involving offshore disclosure, with several hundred coming from the U.K.
Here are some common accounts which require reporting:
St. James Place
Many of our clients have a retirement, pension and/or investment plan through St. James Place. Oftentimes, the money grows without distribution until maturity. Unfortunately, due to the nature of the investment, it is not uncommon for St. James Place investments to be considered a PFIC.
There are two main culprits when it involves Barclays: First, the individual will have a bank account. Second, the individual may also have a trading account, which may include dividends/capital gains which are constantly being reinvested. While the investment may not be a PFIC, chances are the growth and re-investment is taxable (even in non-distributed).
Friends Life (merged with Aviva) offers an array of different investment programs. They range from insurance policies and defined payout investment, to equity/mutual investment funds. The investments typically grow (without distribution) and then distribute at maturity. As with St. James Place, there are various issues involving the taxation and reporting of investment balances, dividends, capital gains, etc.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Golding & Golding Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel
Generally, experienced attorneys in this field will have the following credentials/experience:
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.