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

3 November 2016

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. […]

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

20 October 2016

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 […]

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

8 September 2016

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. […]

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

30 June 2016

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 […]

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‘Will you still need me, will you still keep me…?’ Offshore trusts and non-doms

29 October 2015

We now have further details of the proposed changes in April 2017 to the UK’s remittance basis of taxation for non-doms, courtesy of the Treasury’s September 2015 consultation paper. The changes to how non-UK (i.e. offshore) trusts will be treated is particularly dramatic. How bad the changes are for you will depend on whether you […]

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