Owning UK property

Stepping Stones

Be it a penthouse in The City or a cottage in the countryside, as a US citizen buying property in the UK, you’re exposed to a whole roomful of potential tax complications. But with a bit of planning, you can save yourself a small shed-load of tax. This episode opens the door to the UK property market, with the need-to-knows for acquiring your next home.
Our experts discuss the tax and legal steps for US citizens:

- The UK property market

- Step one: Becoming a homeowner – the legal process, bringing funds from the US, Stamp Duty Land Tax and the importance of a will.

- Step two: Maintaining the property – UK inheritance tax and US estate tax, mortgages, exchange rates and foreign tax credits.

- Step three: Selling the property – US income tax and making gifts, UK tax and Private Residence Relief.
Speakers
Carlo Gray, Partner at Buzzacott, a top 20 UK accountancy firm based in London, which specialises in US and UK tax, financial planning, business services and audit. He has a wealth of experience managing both the US and UK tax affairs of high-net-worth individuals, small business owners, senior executives and partners in partnerships, with a particular niche in the financial services field.
Hugh Llewellyn, Associate Director at Buzzacott. Being dual-qualified, he is able to service both the US and UK tax needs of a broad spectrum of clients ranging from entrepreneurs and managers of small businesses to senior executives (both working and retired). As well as assisting non-domiciled clients with UK tax issues, he also advises UK citizens who are either resident or soon-to-be resident in the US or who have other cross-border issues.
Jaime McLemore, Partner at Withers, an international law firm, specialising in tax, trust and estate planning, and other legal issues facing high-net-worth individuals. She advises on US and international tax and estate planning, particularly for families and trusts with US/UK cross-border concerns. Jaime also devotes a large part of her practice to advising individuals and families in relation to their philanthropic goals and charitable structuring.
Richard Rogerson, CEO of RFR, a market-leading, independent property private office based in Chelsea. Richard specialises in advising wealthy families and individuals on prime and super prime residential property in London. He has discretely advised on some of the most high profile, high value and highly sensitive transactions in the UK.
Plan your next step
If you’re a US citizen living in the UK or you’re planning to move here, there are a number of important life stages you need to plan for. With a good plan and the right advice, you’ll be ready for any challenge or opportunity life might throw at you in the UK. Stepping Stones brings together leading advisers from various areas of expertise, to provide you with the need-to-knows for each step of your unique journey in the UK.

Bab

1. Owning UK property (00:00:00)

2. The UK property market (00:01:25)

3. Step one: Becoming a homeowner – the legal process, bringing funds from the US, Stamp Duty Land Tax and the importance of a will. (00:09:03)

4. Step two: Maintaining the property – UK inheritance tax and US estate tax, mortgages, exchange rates and foreign tax credits. (00:26:38)

5. Step three: Selling the property – US income tax and making gifts, UK tax and Private Residence Relief. (00:34:12)

6. Seeking professional advice (00:43:52)