Double Trouble: Patrick Harney and George Mitchell write for the STEP Journal
Head of Private Client, Patrick Harney, and senior associate, George Mitchell, have co-authored an article published in the November edition of the STEP Journal.
The article explores the options for mitigating double taxation of US citizens who are UK-resident beneficiaries of US trusts. Beneficiaries of US trusts who are both US citizens and UK tax resident potentially face cross-border double taxation and difficulties obtaining tax credits. Without proper advice, these individuals may suffer an unfair impediment on the trust’s income and capital. However, with care, the potential double taxation cost can be mitigated.
A PDF copy of the article is available here. The full November edition of the STEP Journal can also be found online here and is available to STEP members and subscribers. Patrick Harney and George Mitchell, ‘Double trouble’, STEP Journal (Vol26 Iss9), pp. 52-53.