Which financial advisor do i require?

[satans worm]

So I live and work in the US, but plan to retire back to the UK

I am looking to buy property in both locations, with possible renting out on both, i need to understand tax implications effecting both the UK and the US.

Would i be better off consulting someone in the UK with US experience or the other way around do you think?

Thanks!

[DoubleSix]

Wil you still have US income?

[anonymous-user]

• Settled back in UK you will be subject to UK Income Tax and Capital Gains Tax on all of your worldwide income and gains.

• In USA you will still be subject to Federal Income Tax on your income (and Capital tax on any gain) from the property rented out.

• Also in USA you will still be subject to State Income Tax on your income (and Capital tax on any gain) from the property rented out.

• When you file your UK tax return at the end of each year you will be able to benefit from the "double taxation treaty". This means that when HMRC calculate your UK tax liability you can claim credit for any tax already paid in USA.

• When you eventually sell your property in USA there is very likely to be a 10% withholding tax (that's 10% of the selling price) sliced off by your attorney and passed to the IRS. This is effectively a tax payment "on account" until you declare to IRS your capital gain on the sale. There will then be a refund, or further tax charge, as appropriate.

• Note: When you buy a residential property in UK you will be subject to the enhanced Stamp Duty regime (additional 3% tax on purchase price over and above the normal % rate) if you already own a residential property whether in UK, USA, or anywhere else. https://www.zoopla.co.uk/discover/buying/q-a-new-3...

Unless you are good at accounts and tax you are likely to need separate advisers in both countries. Or find a firm which knows about both - which is likely to be very expensive.