By Gerry Brown

Although Brexit continues to dominate the media coverage of U.K. political matters, long-time watchers of the political scene know that before the month is out, the U.K. chancellor, Philip Hammond, will present his budget for the next financial year.

Here, one such long-time political-scene watcher, Edinburgh-based tax consultant Gerry Brown, offers up his take on what this year's budget, due on October 29th, will have in store for Britain's taxpayers – including the estimated 121,000 to 197,000 American citizens who currently live in the U.K., many of whom are U.K. tax resident...

 In 2015, Congress enacted a law that would revoke the passports of U.S. citizens who were “seriously delinquent” on their U.S. taxes. The enforcement threshold was set relatively high, however – at US$50,000 in outstanding tax, interest and penalties. (A provision was included to adjust annually for inflation going forward, so the amount now stands at US$51,000.) 

The American Expat Financial News Journal’s “Essential Financial Acronyms for Americans Living Abroad” is designed to help our fellow Yanks in Expatland to navigate the international seas of the financial services industry.