US President Donald Trump may double taxes on UK citizens and businesses if HMRC maintains its current taxation stance on US LLCs. Under Section 891 of the US Internal Revenue Code, the President can respond to perceived discriminatory taxes against Americans abroad. John Havard from Blick Rothenberg emphasizes that British businesses and citizens with US taxable investments could face increased rates due to issues with double taxation. This situation highlights the need for cooperation between HMRC, The Treasury, and US legislation to address these tax complexities between the two countries.
"Donald Trump has become aware of Section 891 of the US Internal Revenue Code, which gives the President power to double the taxes imposed on citizens and companies from certain countries."
"Since taking office, the President has promised to end the double taxation of American citizens living abroad, but current tax guidelines could trigger retaliation against the UK."
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