David Jones wrote:So if I export my cars to the UK and gift them to my son and move back there to drive them or let him sell them I am home free? How do I account for the money in my bank account or do I put the money in a UK bank account the take a monthly payment? Sounds like it may be a plan.
If you hold US citizenship, it not only won't work, it will be a miserable and costly experience: The IRS will collect that tax at the minimum. If you did so in a way the IRS could even possibly claim was an intentional attempt to avoid taxation, well that minimum is a distant wish.
The IRS requires foreign banks to report on accounts held by US citizens, supposedly to keep them from contributing to terrorists. The reporting requirements are (claimed to be) onerous, meaning that most foreign banks do not want deposits from US ex-pat citizens, including those with 'adequate' assets. The IRS does so simply by denying banking reciprocity between foreign and US banks if such reports are not provided. You'll forgive me for guessing it has less to do with terrorism and more to do with revenue.
As an example, an acquaintance who owns property near to the US Embassy in London, and holds funds in London and the US banks, must communicate with his London bank via written records only, even if he walks in the door to discuss matters with a clerk or a bank officer. Obviously, the bank provides a stenographer in his case, but prolly not for me if I tried to hide US$(several hundred)K in an English bank.
CJ, I'm not on the left here, just willing to admit that bell has been rung and not willing to run my life in the hopes I can sneak around it without penalty.
Which does not assume I look for ways to pay taxes, if you know what I mean, and I think you do.
