Glossary · Reporting
Form 3520
Form 3520 reports transactions with foreign trusts and large foreign gifts or inheritances to the IRS. Some UK arrangements, including certain pensions and trusts, can trigger it, and penalties for missing it are severe.
Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
In more detail
Form 3520 (with its companion 3520-A) reports a US person dealings with foreign trusts and the receipt of substantial foreign gifts or bequests. Certain UK structures — some pensions, family trusts, and large inheritances from non-US relatives — can require it. Penalties are notably harsh (often a percentage of the amount involved), so identifying a filing obligation early matters.
Read more
Does Form 3520 apply to your situation?
Cross-border tax turns on the detail of your circumstances. Book a free consultation and we'll tell you exactly where you stand.