Ask a planner answers: Tax

Thursday, May 11, 2017

The question is from C.Roth, 64

My resources are subject to 3 tax jurisdictions: UK, Switzerland, and the USA. I need advice from someone who will know the tax laws, and how to help me fulfil my obligations, but avoid being taxed 3 times on the same income (which is not high).

Answer by Christopher Hill CFPTM Chartered MCSI, Tilney Financial Planning

My understanding is there are double taxation agreements in place between the UK, Switzerland and the USA. Therefore you should pay tax in the jurisdiction in which you are currently tax resident and if the tax rate is higher in a different jurisdiction, then you would pay the difference. The main issue is ensuring that the correct amount is paid to the correct authority, for which you need a tax adviser who understands all three jurisdictions. I would refer to the Chartered Institute of Taxation for a local tax adviser who deals with overseas jurisdictions.

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