Americans in Britain renouncing citizenship.

[Guest032516]

It isn't just the French who are renouncing their citizenship:

http://www.telegraph.co.uk/expat/990...-tax-rise.html

I'm not quite sure how becoming British helps with lowering taxes, but one line stood out.

If an American sells a house in England and has capital gain, he must pay capital gains tax to the IRS, but NOT to the British Inland Revenue.

So maybe Americans selling properties for big gains are dumping US citizenship in order avoid capital gains taxes.

[JD Barleycorn]

Once again, those with the means can get out but the average person is stuck with the decisions of the stupid rich like Baldwin, Sarandon, Depp, Paltrow, and others who spend much of their time some place else.

[essence]

I read this just now, and am also a bit baffled.

In UK you don;t pay capital gains tax on your main residence. Maybe that's it.

But our income tax and other taxes are much higher than US, income tax at the top is 50% (going back down some time) plus something we call national insurance.

Plus, to be honest, there has been a lot of bad news about our health service, NHS is OK in principle but the quality of care has been very oor in some places. Nothing to do with money, it seems to be a nursing staff which does not care. Plus Europeans coming to UK to take advantage of our facilities. Plus doctors and nurses who struggle with English.

I welcome proper immigrants, but it seems reasonable they (a) learn English (b) spend a bit of time paying taxes before they use the services and/or get benefits.

I am clearly becoming more right wing as I get older.

[I B Hankering]

Originally Posted by essence

I welcome proper immigrants, but it seems reasonable they (a) learn English (b) spend a bit of time paying taxes before they use the services and/or get benefits.

I am clearly becoming more right wing as I get older.

+1

Now there's a truism that would be acceptable on both sides of the Atlantic.

[EXTXOILMAN]

Originally Posted by ExNYer

It isn't just the French who are renouncing their citizenship:

http://www.telegraph.co.uk/expat/990...-tax-rise.html

I'm not quite sure how becoming British helps with lowering taxes, but one line stood out.

If an American sells a house in England and has capital gain, he must pay capital gains tax to the IRS, but NOT to the British Inland Revenue.

So maybe Americans selling properties for big gains are dumping US citizenship in order avoid capital gains taxes.

As the Brits might say..."Good riddance to bad rubbish". The only bad part could be, when their teeth start rotting or they need some of the best healthcare in the world, they can come back as illegal aliens and we'll have to give it to them...free.

[JD Barleycorn]

They should learn English....LMAO. Paying attention Napolitano and Obama?

If they have the means (and family) they can always come back to the US for medical care (for now). If they are suing to allow illegals full and complete access why not expatriots.

[TexTushHog]

I don't know why these threads have so much interest to you people. Folks make decisions like this all the time based on financial considerations, just like corporations do.

[CuteOldGuy]

Yes, they do, TTH. But wouldn't it be nice to have a business climate and tax system that would make people and businesses WANT to locate here, instead of wanting to leave here? That's why this stuff is important.