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YPG on the Go Go!

Calling all young professionals on the go go!

Thursday, October 20, 2022
5:00 – 7:00 pm EST
The Trestle Inn

The British American Business Council of Greater Philadelphia invites you to join us for our first next gen re-inaugural event at Philly’s famous whiskey and go go bar, The Trestle Inn! Meet and mingle with rising star young professionals operating across various business sectors throughout the transatlantic corridor.

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This happy hour program is a great chance to network with like-minded professionals looking to develop new contacts and become involved in the regional international business scene. Attendees will learn more about the Organization and how they can help create and influence meaningful activities geared toward future success.

This special event is by invitation only. Interested in joining? Please contact babc@babcphl.com. Pre-registration is required. Comp, cover, drink tickets and lite bites are all included, along with some exciting business card raffle draw prizes at the end of the evening.

Join us for this fun, low stakes, social intro evening to everything the British American Business Council of Greater Philadelphia has to offer the next generation of business leaders operating in the transatlantic market.


20th Annual WTCGP World Trade Centers Day Awards Celebration

Thursday, September 29, 2022

6:00pm – 9:00pm EST

Fairmount Waterworks

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After September 11, 2001, the World Trade Centers Association (WTCA), in cooperation with the United Nations, chartered a day to be celebrated around the world as World Trade Centers Day.

This year’s award winners – Daniel J. Hilferty, Chairman, Philadelphia Soccer 2026 and Chairman & CEO, Dune View Strategies; Liz Murphy, Senior Vice President, Governmental, Regulatory & External Affairs, PECO; and Harold Beck & Sons, Inc. – will be honored on September 29, 2022 at the Fairmount Waterworks.

“In honor of World Trade Centers Day, the WTCGP gathers together the local business community to recognize the impact of world trade and to salute outstanding companies and individuals for their impact on the region,” says WTCGP President Linda Conlin. “While every year is special, we are particularly excited about honoring this year’s award recipients in our 20th anniversary year.”


Let’s Talk Estate Planning: U.S. Estate Considerations for Non-Citizens

Tuesday, November 15, 2022

1:00pm – 2:00pm EST

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Are you a non-U.S. citizen working and living in the United States? Have you wondered whether you need a will, trust or other documents while here? Join Jackson Walker for a discussion about estate issues that citizens of the U.K. and other countries face when they decide to reside in the U.S., either temporarily or long-term. Learn how to create an estate plan that will not only reduce future taxes and costs but also minimize the risk of disputes between beneficiaries.

We’ll address such questions as:

  • What is estate planning and is it necessary for non-U.S. citizens?
  • Should I consider executing a U.S. will or trust, even if I only plan to be here for a limited period of time?  Does Texas require me to leave my assets in a certain way?
  • What happens if I pass away unexpectedly and I don’t have a will?
  • If I were to die in the U.S. as a non-citizen, where will my estate be administered?
  • In the event of my death, what arrangements can/should be made for my children if they are minors?
  • What if I become incapacitated while living in the U.S.?
  • Does the U.S. have an estate tax or inheritance tax at death?
  • What are the differences between estate taxation of U.S. citizens and non-citizens?
  • What are the differences between estate taxation of U.S. residents and non-residents?
  • If I plan to live in the U.S. indefinitely but remain a non-citizen, what considerations do I need to make in my estate plan?
  • Is there a way to avoid having my estate subject to U.S. estate taxes?

Speakers: Sarah Patel Pacheco, Partner, Jackson Walker LLP and Scott Schepps, Partner, Jackson Walker LLP


ESG Reporting: The Evolution and Impacts of the SEC and UK Taxonomy Regulations

Thursday, October 6, 2022

11:00am – 12:00pm EST

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In recent years, ESG reporting has progressed from being a nice-to-have to being a regulatory must for some industries. In the US, recent proposals from the SEC have risen it up the corporate agenda, while in the UK, the taxonomy regulation sets out specific economic activities that must be met to be considered environmentally sustainable. Meanwhile, voluntary ESG assessment and reporting continues to become ever more sophisticated.

In this session, our expert panel will discuss how ESG reporting has evolved in recent years, what is driving that evolution, how the market is tackling it, and whether this activity is actually having an impact on the wider ESG agenda.


The STIR: LGBTQ+ Community and Allies Pave a Way to a More Inclusive Workplace

Thursday, September 22, 2022
11:00 am – 12:00 pm EST

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According to the Corporate Equality Index 2022 report by the Human Rights Campaign, 67 percent of the Fortune 500 businesses offer transgender-inclusive health insurance coverage, up from 0 per cent in 2002, and over 285 of the fortune-500 ranked businesses achieved a 100 percent rating.

The data is clear: being an inclusive employer positively impacts recruitment, retention, engagement, and overall total revenue. While the push for equality originated in the United States and Europe, it has long since spilled over into the global marketplace.

Join our panel of experts as we explore these key questions:

  • How do you advance your current policies to be inclusive of your LGBTQ+ community?
  • How can multinational organizations champion the culture of inclusiveness in differing regions across the US and UK?
  • How can you build inclusive practices into your hiring process to signal your commitment to LGBTQ+ Equality?
  • How can you support employee resource groups and ally initiatives to engage with your employees in meaningful dialogue?

Fall 2022 New Members

Corporate Members:

Green & Spiegel LLC
1524 Delancey Street
4th Floor
Philadelphia PA 19102
Website: https://www.gands.com/en-us/

Jonathan A. Grode, Esq.
U.S. Practice Director & Managing Partner
P: 267.939.4370
E: jgrode@gands-us.com

Green and Spiegel is one of the world’s oldest immigration law practices with over 50 years of experience assisting a diverse global clientele. Our efforts culminated in 2012 with the opening of the first U.S. offices in Philadelphia, PA, (which serves as our U.S. Headquarters) and Providence, RI (New England). In 2015, we opened our office in Vail, Colorado (Mountain West) and in 2019 we opened our office in Cleveland, Ohio (Midwest).

Green and Spiegel U.S. offers a full range of United States immigration services for employers, temporary workers, individuals and their families.  Whether you are migrating to work, to join your family, as an investor/entrepreneur, or seeking new opportunities, Green and Spiegel can help. If you are an employer who needs an expert to manage your global mobility needs, Green and Spiegel has the depth and breadth of expertise to provide your business with immigration support to ensure global mobility program that operates smoothly and efficiently.

London & Partners
New York Office
902 Broadway
7th floor
New York NY 10010

London Office
1st Floor, 169 Union Street
London SE1 0LL
Website: https://www.londonandpartners.com/

Stephen Feline
Director of North America
P: 646.708.3586
E: sfeline@londonandpartners.com

London & Partners is the international trade, investment and promotion agency for London. It is our role to promote London internationally as a leading world city in which to visit, study, invest, grow and meet.

We promote London across the world; attract overseas organisations, events, students and visitors to the capital; and help to retain and grow London companies. Our key international markets are North America, China, France, Germany and India.

Find out about our different business areas, from business development, leisure tourism and insights, to higher education and major events. Learn more about what London & Partners delivers for London.

MAC Clinical Research
610 Old York Road
Suite 400
Elkins Park PA 19027
Website: https://www.macplc.com

Jessica B. Taylor
Director of Operations, North America
P: (267) 460-1406
E: jessicataylor@macplc.com

MAC USA
Jenkins Court, Suite 400
610 Old York Road
Jenkintown, PA  19046
P: +01 267 460 1406

MAC United Kingdom – HQ
Kaman Court, 1 Faraday Way
Blackpool, Lancashire, FY2 0JH
T: +44 (0) 161 275 9966
F: +44 (0) 161 667 0566
E: info@macplc.com

MAC Clinical Research, a clinical study site network and global contract research organization (CRO), is committed to providing full-service delivery of global clinical studies. Headquartered in the UK with offices globally, we conduct studies both through our fully-owned network of dedicated research sites in the UK and through contracting with sites across the globe. We offer the clinical study management you need to meet your clinical outcome goals. Although our heritage stems from being the first memory assessment centre based in Europe, our company conducts research for sponsors over an ever-expanding group of therapeutic areas. MAC has an extensive range of clinical research capabilities to accommodate the most complex Phase I trials (in our MHRA-accredited Phase I unit Read More) through to Phase IV (across our network of late-phase dedicated research sites). The majority of our current work includes diseases of the central nervous system (CNS), such as Alzheimer’s disease and multiple sclerosis, as well as studies involving analgesics for acute and/or chronic pain, dermatology (psoriasis and eczema), rheumatology (fibromyalgia and arthritis), endocrinological diseases (e.g., diabetes), depression, anxiety, and insomnia.

Individual Member:

Dr. Rajesh Kumar
Global Strategic Advisory
P: (215) 391-9851
E: drrajesh836@gmail.com
1500 Chestnut Street
Apt 8H
Philadelphia PA 19102


London & Partners Digital Health Mission – Philadelphia

Thursday, November 10, 2022
5:00 pm – 7:00 pm EST
Location TBD

Registration coming soon…

London & Partners, London’s Business Growth & Destination Agency, are bringing a delegation of some of the UK’s most exciting digital health scale-ups to Philadelphia in November.

These companies have recently launched in the US market or are ready to and will meet with key corporate buyers, stakeholders, and Go-To-Market experts as part of a packed agenda where they will visit New York, New Jersey, and Philadelphia.

The British American Business Council of Greater Philadelphia is supporting London & Partners in the delivery of the Philadelphia leg of this mission.  There will be a networking event that members will be welcome to participate in and we will be able to share more details when they are finalized.

Please join us to welcome these companies to Philadelphia and help demonstrate why this is the best city in the United States for digital health companies to scale and thrive.

Presenting Partner:


Annual Global Travel Update – On the Fly

Thursday, October 27, 2022
12:00 – 1:00 pm EST
This is a virtual event. Pre-registration is required. A meeting link will be shared 24-hours in advance of the program.

You are invited to the third annual global travel update one-hour virtual meeting featuring headline speakers and a panel of experts from the travel, airline, and legal sectors. Presenters will provide current data on transportation and global mobility in/out of Philadelphia International Airport (PHL), London Heathrow (LHR), and the world.

Speakers will offer a recap about summer travel, and what the industry expects as we move through the fall and into the holiday season. This event will cover the latest about passporting, visaing, tariffs, and other issues affecting the global mobility of people, goods, and services throughout the transatlantic corridor and beyond. Speakers will also present a look ahead toward some exciting worldwide events taking place in Philadelphia and will discuss how the region is scaling-up to prepare.

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Air travel is the lynchpin for operations throughout the transatlantic corridor and beyond. Typically, more than 20 million people travel between the US and the UK every year, delivering valuable trade, travel and tourism opportunities. PHL and LHR are the backbone for international business and leisure travel, moving passengers and cargo across the Atlantic Ocean. The global economy and society depend upon this invaluable route. PHL and LHR also serve as a springboard for connecting flights throughout the world.

Join us for this informative discussion to understand how the movement of people and goods are facilitating and meeting current business needs. Questions from the audience will be encouraged.

Sponsored By:

Hosted By:

Partners (to date):

           


A Tribute to Queen Elizabeth II

Queen Elizabeth was a stable constant for most of the living world during times of great upheaval and strife, and harmony and innovation. She lived through nearly ten decades characterized most recently by war, pandemic and unprecedented advances in technology and other aspects of daily life. Her Majesty was not just a Queen, she was a daughter, sister, wife, mother, grandmother, and a renowned recognizable figurehead all over the globe. Despite her royal status, she was someone many could relate to and she was admired by people from different socioeconomic backgrounds and nationalities. Her Majesty the Queen steadfastly served the people of Great Britain and the Commonwealth for nearly her entire life with grace and dignity.

Queen Elizabeth was a cultural icon. She was famous in the most informal of circles such as memes circulating the Internet as well as the formally dressed crowned figurehead waving to crowds of onlookers over the balcony or to private audiences from her throne at Buckingham Palace. The Queen oversaw countless garden parties and special events under the fanciest and highest brow circumstances. She appeared in commercials with celebrities for globally televised sporting events, enjoyed riding horses, going to horse races, and playing with her dogs. She also loved traveling.

Princess Elizabeth’s destiny as Queen was sealed while traveling abroad. She was in Kenya when she learned of the passing of her father and was just 25 years old when she inherited the throne. Meeting world leaders and building diplomatic relationships were very important aspects of her job. She was the most well-traveled monarch in history and was referred to as the “million-mile queen.” She visited 117 countries during her reign, carrying out 290 state visits since her coronation in 1952.

In 1976, Queen Elizabeth was the first sitting monarch to visit Philadelphia. It was the first stop on a six-day trip around the United States in honor of America’s bicentennial celebration. She arrived by boat, in the Royal Yacht Britannia to Penn’s Landing on the morning of July 6. Queen Elizabeth presented the city with a birthday gift for the United States: the Bicentennial Bell, a ten-ton replica of the Liberty Bell cast at London’s Whitechapel Bell Foundry, where the original Liberty Bell was made in 1752.

Her Majesty the Queen enjoyed a whirlwind, one-day tour of Philadelphia, capped off with a 300-person dinner party at the Philadelphia Museum of Art. On January 27, 2007, Prince Charles and Camilla, Duchess of Cornwall, visited Philadelphia, and on April 27, 2012, Prince Edward joined the BABCPHL for a special reception in the city. Throughout the years, Philadelphia also welcomed other members of the Royal Family, including the Duke of Kent in 1996, the Duke of York for the Queen’s Golden Jubilee in 2002, the Duke of Gloucester in 2010, and the Earl of Wessex (Prince Edward) again in 2018. The BABCPHL looks forward to future visits and interactions with the monarchy.

We express our sincere condolences to His Majesty King Charles III and to the entire Royal Family, of which Queen Elizabeth was the revered figurehead. Her Majesty the Queen was truly a global icon, who led by example with grace and dignity. She will be missed and always remembered. May she rest in peace.


EisnerAmper – Moving to Another Country Can Greatly Impact Your Tax Planning

Written By: Ragini Subramanian

There are many things that attract people to relocate to the U.S. and, by the same token, many U.S. citizens are lured to other jurisdictions. What is often forgotten is how the U.S. Treasury taxes U.S. citizens and green card holders who travel outside U.S. borders to live or work—temporarily or permanently—in foreign jurisdictions.

Impact on Income and Estate Taxes

U.S. citizens are subject to income tax in the U.S. on their worldwide income as well as U.S. tax return and foreign information return filing requirements. The country they call home—temporarily or permanently—after they leave the U.S. may also impose income tax on some of the same income that is taxed by the U.S.

A relief from double taxation is available in the U.S. either in the form of a foreign tax credit to offset taxes payable in the U.S., taking advantage of the foreign income exclusion provisions of the U.S. tax code, or availing double-tax relief afforded under a tax treaty between the U.S. and the foreign jurisdiction that is now the home. However, all this may not be as simple as it sounds:

  • The availability of a foreign tax credit may be limited (i.e., due to a smaller ratio of foreign source income to the U.S. source income, the foreign country tax rate is higher than that in the U.S., or the foreign tax is not eligible for foreign tax credit).
  • One may not meet the strict parameters of the foreign income exclusion rules (i.e., does not have a closer connection to the foreign country, does not meet the parameters of the tax home test, does not meet a continuous period of 330 days presence in a foreign country, or they are not present in the foreign jurisdiction for any period of 12 months).
  • No treaty exists between the U.S. and a given foreign country (e.g., U.S. and Hong Kong), or the existing treaty does not provide relief from double taxation for a particular item of income. Contributions to a retirement plan of an employer of a foreign country often fall under this.

What about transfer taxes, such as lifetime gifts and estate taxes upon passing. While there are several avenues to avoid double taxation with respect to income tax, there are not many options regarding gift tax or estate taxes. A U.S. citizen is subject to gift and estate taxes in the U.S. no matter where the U.S. citizen lives, works, gives away property or passes away. The country of residence’s gift, transfer or estate tax rules may also impose a gift or transfer tax. There are a far greater number of income tax treaties than there are gift and estate tax treaties between the U.S. and foreign countries that provide relief from double taxation. By the same token, fewer countries have gift or estate tax laws similar to those in the U.S. In many instances, gifts to close relationships—such as parents, children, brothers and sisters—are not subject to transfer taxes. That, however, does not take away the fact that the U.S. gift and estate tax laws remain applicable.

Therefore, it is very important to evaluate the income, gift and estate tax implications if you and your spouse have chosen to retire to another nation or if you are relocating to another country for a career opportunity.

Does Relinquishing Your U.S. Citizenship or U.S. Residency Make Sense?

You may think, forget it, I will just give up my U.S. citizenship or my green card to get away from the U.S. tax system. However, while this may work in some cases, it will not be the right option in all instances. If you are a U.S. citizen or considered a long-term resident of the U.S. and (1) meet a certain net worth threshold of more than $2 million, not inflation adjusted; (2) meet a tax liability threshold for 2022 average net income tax liability for the five tax years immediately before expatriation of not more than $178,000, inflation adjusted; or (3) simply do not or cannot certify that you are fully compliant with all applicable U.S. tax laws, you are considered a “covered expatriate” under a U.S. tax regime popularly known as the “exit tax.” With respect to certain assets, a covered expatriate is taxed in the U.S. before leaving the U.S. on the gain—after excluding up to $767,000 for 2022 plus inflation adjusted—as if the assets were sold at fair market value as of the date of expatriation. Other assets (e.g., pension plan, education savings plan) are taxed at the election and subject to a complex set of rules as of the date of expatriation or when income is received after a person leaves the U.S. In the latter case, the person may remain subject to tax in the U.S. and specific tax return filing requirements only on that income source and any other income source that may be considered U.S. source. The mistake many people make is returning to the U.S. after relinquishing their U.S. citizenship or green card and reestablishing U.S. tax residency, which places them back at square one.

The exit tax may not be that bad, but in the absence of proper planning, relinquishing your U.S. citizenship or green card can have other tax implications. The gift and estate tax exemption is lost if you forsake your citizenship. The exemption is $10 million, inflation-indexed ($12.06 million in 2022) for the years 2018 through 2025. Instead, you’re limited to a nonresident exemption of just $60,000. A 40% gift tax after only a $15,000 annual exclusion on gratuitous transfers of tangible property (e.g., cash, U.S. real property) located in the U.S. can make gift giving more expensive. The sale of U.S. real property located in the U.S. requires additional compliance under the U.S. Foreign Investment in Real Property Tax Act of 1980. A partnership interest in the U.S. partnership or foreign partnership deriving income in the U.S. may subject a nonresident to a multitude of tax withholding regimes depending on whether the partnership is engaged in passive activity or in an active trade or business in the U.S. It may also generate tax return filing requirement in the U.S.

Make Informed Decisions

Your assets and estate plan can be subject to a significant impact immediately and as you plan for the future if you move abroad. Before going overseas, consult with your tax professional about your plans and the tax implications.

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The BABCPHL recognizes our Club Level Members:

  • Almac
  • American Airlines
  • Cigna
  • Cigna
  • Duane Morris
  • EisnerAmper LLP
  • Faegre Drinker Biddle & Reath LLP
  • Fisher Phillips
  • Forensic Resolutions
  • Johnson, Kendall & Johnson, Inc.
  • KPMG
  • Morgan Lewis
  • Penn Medicine
  • https://www.santanderus.com/
  • Welsh Government