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Welcome relief? Mitigating double taxation of beneficiaries

Introduction US citizens(1) who are UK-resident beneficiaries of US trusts may be taxed twice on the trust s income or capital gains because of the overlapping scope of UK and US taxation. The UK-US Double Taxation Convention (the treaty) may not serve as the desired panacea where there is a mismatch in both the timing of tax liabilities and the taxpayer s identity under the domestic laws of each jurisdiction. This potential liability to double taxation may be an unfair cost of using such trusts to benefit members of transatlantic families. However, as outlined below, there are options for mitigating this exposure so that UK residents may benefit from US trusts without suffering cross-border double taxation.

English High Court Examines Extent of GDPR s Extraterritorial Jurisdiction | K&L Gates LLP

When the General Data Protection Regulation 1 (GDPR) came into force throughout the European Union nearly three years ago, one of its most eye-catching features was its extraterritorial jurisdiction provisions. These extend the reach of the GDPR to businesses located outside the European Union who offer goods or services to EU residents or who monitor the behavior of EU residents. 2 Under the threat of becoming liable for a breach of the GDPR and potential fines of up to €20m or four percent of global turnover (whichever the higher), many businesses based in the United States and other locations outside the European Union have simply taken a stance of refusing to deal with EU residents, including taking measures such as geo-blocking websites to EU-based visitors. Other businesses, in the United States and elsewhere, have found themselves contemplating whether they might be subject to the GDPR and how to react merely because they have made a new EU-based business connection, acqu

GDPR Extraterritorial Jurisdiction Examined by English High Court

GDPR Extraterritorial Jurisdiction Examined by English High Court
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How will a new stamp duty land tax surcharge affect non-UK residents?

How will a new stamp duty land tax surcharge affect non-UK residents?
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