Many expats assume their Pension Commencement Lump Sum
(PCLS) will remain tax-free when they relocate, but the US UK tax treaty
leaves too much ambiguity to be certain. Therefore, what should you do with your PCLS when moving to the US as a British expat? Working with a dedicated cross-border tax advisor can help you avoid costly IRS repercussions.

Host Richard Taylor – dual UK/US citizen and
Chartered Financial Planner – is joined by James Boyle – Lead Financial Planner
at Plan First Wealth – to break down the UK’s 25% retirement lump sum, or PCLS.
Many expats want to bring that lump sum with them when they move to the United States because it’s tax-free in the UK. However, the only way to obtain a definitive interpretation of the US UK tax treaty is through court
proceedings. Until then, the guidance of qualified cross-border tax
professionals is essential when reviewing the treaty’s provisions on retirement funds.

In this episode of We're The Brits In America, Richard
and James explore:

·     The 25% tax-free lump sum from UK
pensions and its potential tax implications in the US.

·     The ambiguity of tax treaties between
the US and UK and how this affects pension income.

·     The importance of engaging with
qualified cross-border tax professionals.

More about We’re The Brits In America:

With the right financial advice, landmines that threaten expat wealth can be avoided. Often encountered by US-connected expats, these financial landmines are more numerous, more hazardous, and less understood than
almost anywhere else in the world. As a result, non-cross border professionals, wealth advisors, and even international advisors are often unaware of them. But don’t worry, We're The Brits In America has you covered. 

We're The Brits In America is dedicated to helping
ambitious US-connected expats and immigrants navigate those challenges — and thrive. Whether you’ve moved to the US for opportunity, or are an American seeking adventure and growth abroad, our job is to equip you with the tools and insights you need to succeed.

Visit planfirstwealth.com to learn more about our
services and connect with Richard Taylor on LinkedIn.

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We're The Brits In America is affiliated with Plan First
Wealth LLC, an SEC registered investment advisor. The views and opinions
expressed in this program are those of the speakers and do not necessarily
reflect the views or positions of Plan First Wealth.

Information presented is for educational purposes only
and does not intend to make an offer or solicitation for the sale or purchase
of any specific securities, investments, or investment strategies. Investments
involve risk and unless otherwise stated, are not guaranteed. Be sure to first
consult with a qualified financial adviser and/or tax professional before
implementing any strategy discussed herein. Plan First Wealth does not provide
any tax and/or legal advice and strongly recommends that listeners seek their
own advice in these areas.