UK/US - The US Senate is set to hold a public hearing on an international treaty that will harmonise tax relief between British and American pension funds.
The document – which is being consulted on this week – is intended to allow employees transferred between the US and UK to remain in their home country pension arrangement without suffering adverse tax consequences.
But ratification of the UK/US tax treaty was expected before the end of 2002 and a number of concerns have been raised by pension funds over the delay.
Hammond Suddards Edge solicitor Frances Phillips-Taft said that once the treaty has been ratified by both parties it will come into effect in the US on the following January 1 after ratification and in the UK on April 6 following ratification.
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