Untangling the Atlantic Knot: FATCA and information exchange [bonus episode]
This is the story of Chris, a Brit, and Sam from the US. In this podcast we explore issues faced by this transatlantic couple including their businesses and their assets in a US to UK, cross-border context.
Chris is a Brit. He is the heir of a significant UK family business, specialising in high-end retail. The plan has always been for Chris to take over the family business. In preparation for Chris joining the family business, his parents have sent him to Harvard Business School, where he has been enjoying his classes and making fantastic contacts.
In fact, he has made the ultimate contact: Sam. Sam is the child of a California real estate tycoon. Whilst deciding what to do next, Sam has also been studying at Harvard Business School.
Chris and Sam have fallen in love and want to get married.
Over the last 5 years, taxpayers are required to provide an increasing amount of information to tax authorities, and this information is regularly shared internationally. FATCA also made many people realise for the first time that they are actually US persons. In this episode, Iain Younger and Mark Summers discuss their practical experiences of the new tax reporting regimes.