While we enjoy connections to a number of US firms through BKL’s membership of AGN International, and our joint transatlantic webinars, we don’t give and aren’t authorised to give US tax advice ourselves.
But we were intrigued to read a piece posted by our friends at American Tax Returns in the context of Mr Sunak’s alleged giving up of his US ‘Green Card’ last year. It reminds readers that ‘for US tax purposes losing the green card means everything you owned that day (including your House of Commons pension plan) is treated as sold and subject to US tax’. Awks – though we have also seen it suggested that the Chancellor may not have held the green card long enough to be susceptible to this charge. Anyway, it’s something that those of you who hold a green card or who are considering applying for one may want to bear in mind, if you are not already aware of it.