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Wealth firms, lawyers & accountants unite to tackle US conundrum
by Dylan Lobo on Sep 20, 2013 at 08:17
Wealth firms, lawyers and accountant have established a professional forum to address the ‘unique’ issues facing US people living in the UK.
The group, dubbed the US Professionals Association (USPA), has attracted some of the biggest names in the three professions.
They include Vestra Wealth, Maseco Private Wealth and Satis Asset Management, who are sponsor members, while Speechly Bircham and Withers are corporate members representing the lawyers and Deloitte, Buzzacott, Frank Hirth and BDO the accountants, along with US and UK tax specialist Westleton Drake
The body has been designed to help cement the relationships between the various firm which service the US community in London.
The wealth affairs of US citizens based in London became more complicated in January after the US Treasury demanded they pay federal income tax on investments held through foreign financial firms under Foreign Account Tax Compliance Act (Fatca).
The rules required firms outside the US to disclose the investments and identity of those clients with more than $50,000 in an account. At the time the Treasury forecast the tax would raise around $7.6 billion over the course of 10 years.
As a consequence a number of wealth firms turned their back on US clients, while others saw it as an opportunity to open a specialised service.
These include Vestra, which launched a US wealth arm in May headed by Paul Nixon (pictured).
‘Whilst it has always been the case that US connected investors have been subject to strict cross-border regulation, the implications of new regulations such as Fatca should not be underestimated,’ Nixon said at launch.
Commenting on the creation of the USPA, Nixon said in a statement: 'Westleton Drake, Withers, and Vestra US separately discussed the need for a greater level of information exchange between the different facets of the US private client world with Deborah Hicks, owner of international tax training company DJH international tax.
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