US citizens and green card holders in the UK are being urged to take advantage of the current Offshore Voluntary Disclosure Program (OVDP) which expires at the end of the August 2011.
Thousands of Americans working in the UK must ensure they fulfil their tax obligations to the US taxman or risk penalties that could include the loss of their US passports. There are about 6 million US citizens and green card holders living abroad, with estimates suggesting up to 1 million of those could be in the UK. Most have an obligation to file tax returns to the US Internal Revenue Service each year even if their income is taxed in their country of residence. “The American tax authorities are determined to punish citizens they believe aren’t paying their fair share of tax,” said Se...
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