Offshore

Time to send the family wealth on a foreign holiday?

Taking your family wealth on a foreign holiday always sounds more glamorous than staying at home and doing a bit of housekeeping. Private Wealth partner, Helena Luckhurst encourages you to think about your assets.

Domicile dramas

Many advisers have to grapple with the sometimes difficult question of establishing their client’s domicile. A client’s domicile is fundamentally important in a diverse range of English legal and tax areas, such as whether: a client can bring divorce proceedings in the UK; a client is liable to UK Inheritance Tax on worldwide assets as […]

Capital Gains Tax and offshore trusts: match fit for April 2018?

The UK’s Autumn Budget contained a welcome lack of new measures affecting the capital gains taxation of offshore (i.e. non-UK) trusts.  However, there are Capital Gains Tax changes waiting in the wings, already announced, coming into effect on 6 April 2018.  There may be steps that UK resident non-doms and their trustees ought to be […]

Non-dom tax changes – IHT periodic charges and offshore trusts

Well advised non-doms know that UK situated assets should never be directly held by their offshore discretionary trusts. To do so would subject the offshore trust to periodic charges to UK Inheritance Tax (IHT). These charges comprise the entry charge, the ten year anniversary charge, and exit charges, where value leaves the trust after creation. […]

Charitable giving in Wills: charity must be governed by UK law to secure IHT exemption

The UK Inheritance Tax (IHT) saving is probably the last reason why anyone would deliberately choose to leave assets to charity in their Will. However, it is the case that leaving assets to charity is very IHT efficient, for two key reasons. Qualifying gifts are 100% IHT exempt – the charity will not have any […]

UK residential properties held through offshore structures: a call to action

Owners of UK residential property held through offshore structures, including non-UK companies and partnerships, should urgently review their structures following the publication of a further consultation by the UK Government on 19 August 2016. The consultation confirms that residential properties in these structures will be exposed to UK Inheritance Tax (IHT) from 6 April 2017. […]

Brexit exits – don’t get caught out by the IHT deemed domiciled rules

Brexit uncertainties may be giving fresh impetus to many UK resident non-UK domiciliaries who are thinking about their residency plans. However, for res non-doms, it’s important not to lose sight of another key tax change now on the horizon – the change in the Inheritance Tax (IHT) deemed domiciled rules. A person is deemed domiciled […]