The London-based wealth manager has compiled advice for US expats in order to prevent them from failing to adhere to their home country’s tax regulations, which could subsequently land them an “unexpected tax bill”.
The US tax year ends on 31 December,
Managing director, Daniel Freedman, 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, in order to ensure they have taken advantage of all allowances made 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,” he added.
“Bed & breakfasting”
Among the tax planning tips is to make the most of allowances through “bed & breakfasting”, where assets are sold in the short term, but purchased again soon after, and before the price has risen.
The company also advised expat Americans to consider the tax positions on their investment portfolios, as “separating capital from income and gains can in many cases make a substantial difference and provide advantages to US and Non-Dom families.
Freedman added: “It is important that Americans have someone they can trust managing their finances both at home and abroad.”
In October, London & Capital launched five global model portfolios, offering investors a wider range of investment and risk exposure options.
The new portfolios sit alongside 10 managed portfolios London & Capital launched in 2010 and offer clients additional risk management levers, greater control over stock selection, and daily visibility of underlying risk exposures.
