Non-domiciled investors in UK residential properties held via an offshore corporate structure are being urged to check with their advisers about their Inheritance Tax (IHT) liability after the government published plans to tighten the rules.
Canada Life has enhanced its well-known onshore bond, the Select Account, with the addition of a discounted gift trust (DGT) feature.
International Adviser rounds up the expert views on what to expect ahead of the UK chancellor Philip Hammond’s debut Autumn Statement on Wednesday.
The fictional Warrington family is forced to deal with dividing the estate of patriarch Eric, inheritance tax, and an unexpected claim against the estate in the latest case study from Edward Stone, partner at Irwin Mitchell Private Wealth.
Around 75% of wealthy are unaware of the new ‘residence nil rate band’ inheritance tax allowance (IHT), due to be introduced in April next year, according to research by Canada Life.
Upcoming changes to the tax rules governing non-UK domiciles, set to come into effect in April next year, should be postponed until the “full effects of Brexit” are understood, a leading London-headquartered accountancy firm has urged.
Now is the time for advisers to help their non-UK-domiciled clients tackle the radical changes set to restrict tax benefits on indirect property holdings, says FPI’s Brendan Harper.
More than three in five UK adults with assets above the individual inheritance tax (IHT) threshold do not know what the limit is and are potentially putting their families at risk of an unexpected tax bill, according to Canada Life.
US presidential candidate Hillary Clinton has proposed raising inheritance tax paid by ultra-rich Americans to 65% on property valued at more than $500m (£385m, €445m), in a bid to appeal to the supporters of her former Democratic rival, Bernie Sanders.
The British government plans to extend its inheritance tax (IHT) rules to cover properties held by non-domiciled residents in an offshore entity.
The British tax office has set a new record by raising nearly £5bn ($6.6bn, €5.9bn) in inheritance tax (IHT), according to the latest figures from HM Revenue and Customs (HMRC).
HM Revenue and Customs (HMRC) has raised more than £4bn ($5.7bn, €5bn) in revenues from inheritance tax (IHT) for the first time in its history, according to the latest figures published by the UK tax office.
