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WILLS and TAX PLANNING Can Also Have Beneficial Tax Consequences

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WILLS and TAX PLANNING Can Also Have Beneficial Tax Consequences www.SovereignGroup.com Lifetime gifts to costs, as the lawyer will probably be doing Distributing gifts during your lifetime most of the administrative work anyway. WILLS AND TAX PLANNING can also have beneficial tax consequences. Executors must obtain probate – the Lifetime gifts (which exceed the document that proves their authority to £255,000 nil rate band) are taxed at a administer the estate. This will normally maximum of only 20% – half the rate of take at least six months. If a family AN EXPAT’S GUIDE payable UK inheritance tax – on death. background is complicated however it In many cases the gift will be exempt can take a number of years, especially if roperty prices on the Costa del pending on the jurisdiction, co-habiting ALL your assets, regardless of where from this tax. In many others it will be a the deceased is intestate. Sol are continuing to rise. This and same-sex couples may find that this they are located. ‘potentially exempt transfer’, which P is good news for expats who particularly affects them. means that if the donor survives for more Trusts have invested in property, but even better The distribution of assets required by Double charges than seven years after making the gift The only real alternative to a will is to set news for the taxman. intestacy rules could also leave your estate Some people may find that estate duties there are no inheritance tax consequences. up a trust structure during lifetime. With Many expats – especially those who liable to inheritance tax. With careful plan- are also payable in their country of resi- careful planning this can eradicate delays, also have property in the UK – will now ning this tax may have been avoidable. dence and in the country where the assets Making a will administration costs and taxes, as well as be finding that the increased value of their are physically located. Before getting advice on making a will giving other benefits. For these reasons property takes them over the lifetime UK Inheritance tax and domicile Credit is often not given for tax paid you should try to determine exactly what the use of trusts is increasing dramatically. inheritance tax exemption level of £255,000. There are many issues that can affect in one country against tax due in another, you are worth. List all your assets, your A trust is not dissimilar to a will Inheritance tax varies from country your liability to inheritance tax, including so without proper planning a double or property, car, cash and other investments, except that assets are transferred to to country, but with UK inheritance tax your country of domicile. even triple charge on the same asset can valuables and personal belongings. trustees during lifetime, rather than assets currently at 40%, this could seriously Under UK law you are required to and does occur. In extreme cases the tax Estimate their value. Don’t forget about being transferred to executors on death. affect the final value of your estate. Most have a country of domicile for tax pur- could actually amount to more than the life insurance policies that mature on death The trust deed is comparable to the will. UK expats remain liable to UK inheri- poses. This will usually be the place with asset is worth! and will increase the size of your estate. Sovereign provides a full range of tance tax even if they left the UK many which you have the closest connection. You should also consider whom you trustee services and has a number of years ago! Normally the country where you were ‘Equalising’ your estate want to appoint as executors – the per- professional trust companies licensed in This week Sovereign Update looks born, rather than the place where you Estates not exceeding £255,000 in value son or persons who will administer and various jurisdictions for this purpose. at these and other inheritance tax issues, currently live. are exempt from UK inheritance tax, so oversee the winding up of your estate. the importance of making a will in your If you do not intend to return to live married couples should try and ‘equalise Beneficiaries can be executors, but often Get advice lifetime, and how to avoid leaving your in Britain, you may be able to establish their estates’ to take full advantage of it is better to appoint someone who will Plan ahead and leave your assets to your loved ones with an unwanted tax bill an alternative domicile by taking steps this exemption. be less affected by the bereavement. loved ones, not the taxman. If you would when you die. to show that your new home abroad is If a husband whose wife is wealthy If you don’t have any friends or like further information regarding wills, permanent. You would then be classed in her own right leaves his entire estate relatives in the UK who may be suitable tax planning or use of trusts, please Dying intestate as UK ‘non-domiciled’. This can be ex- to her, he would only be adding to the executors, your lawyer will usually be contact us. Making a will can be a daunting and emotive tremely advantageous for tax purposes. potential charge on her estate upon death. willing to act as executor. Sovereign Law task, but it is a hugely important part of tax Regular readers of this column will Instead, he should consider leaving all or – a division of The Sovereign Group – The information provided in this article does not constitute planning and should not be ignored. know that the UK government has plans part of his estate directly to other bene- has a number of member firms that pro- advice and no responsibility will be accepted for any loss occasioned directly or indirectly as a result of persons If you die without making a valid will, to reform the non-domicile tax status, but ficiaries – his children, for example. vide this service. Appointing an executor acting, or refraining from acting, wholly or partially in your estate will be shared out according currently the tax advantages are clear and in this way is unlikely to add significantly reliance upon it. to intestacy rules. These vary from country considerable. to country, but under UK law would favour If you are UK non-domiciled you the surviving spouse, children, parents and are only subject to UK inheritance tax remoter relatives, in that order. on assets situated within the UK, rather This could result in your assets being than on your assets worldwide. In con- distributed to people you would not have trast, if you are domiciled in the UK chosen to benefit from your estate. De- you must pay UK inheritance tax on Taxing issues? Since the 80s, Sovereign has helped thousands of individuals and companies to protect and REPLY COUPON EW:WILL03 maximise their assets and reduce their tax exposure. In a rapidly changing world you need Would you like to know more about tax and estate planning, asset protection and legal matters? If so, subscribe to the FREE Sovereign Report – a 12-page quarterly publication that covers all the resources and support of a global organisation to ensure you receive the highest possible you need to know and more. Please complete the coupon below and either FAX to: 9567 70158 (from Spain); 00350 70158 (all other countries) or POST to Mr. Richard Melton – Sovereign service and expertise. Trust (Gibraltar) Limited, Suite 2B, Mansion House, 143 Main Street, Gibraltar; or EMAIL: [email protected]. There are many legitimate and highly effective ways for individuals and corporations to YES, I would like my FREE subscription to the quarterly Sovereign Report. reduce their tax bills – and we know about most of them. I would also like to receive the Sovereign corporate brochure at the address given below. Contact Sovereign – if there’s a legal way to reduce your tax exposure we’ll find it. Please telephone me to arrange a FREE consultation on tax planning and wealth management. View our details on www.SovereignGroup.com Mr. Mrs. Ms Miss FIRST NAME SURNAME Offshore & Onshore Companies. Offshore Trusts. Personal Tax Planning. Corporate Tax Planning. ADDRESS Asset Management. Investment Services. Venture Capital. Full Administration & Accounting. Offshore Corporate Credit Cards. Trademark Registration & Protection. T rade Services. POSTAL CODE Transfer & Origination of D/Cs. Ship & Yacht Registration Optional Contact Information To receive our explanatory booklet on Offshore and GIBRALTAR – RICHARD MELTON Suite 2B, Mansion House, 143 Main Street, Gibraltar BUSINESS TEL. country code area code number International Tax Planning and Trusts, or to arrange an initial Tel. (from Spain): +9567 76173 Fax. (from Spain): +9567 70158 Tel. (all other countries): +00350 76173 / / consultation, free of obligation or charge, please contact: Fax. (all other countries): +00350 70158 Email: [email protected] HOME TEL. country code area code number UNITED KINGDOM ISLE OF MAN PORTUGAL SOUTH AFRICA SPAIN Simon Denton Paul Brennock Nigel Anteney-Hoare Timothy Mertens Richard Melton / / TEL: +44 (0)20 7389 0555 TEL: +44 1624 699800 TEL: +351 282 340480 TEL: +27 21 418 4237 TEL: +34 952 764168 PREFERRED E-MAIL ADDRESS FAX: +44 (0)20 7930 1151 FAX: +44 1624 699801 FAX: +351 282 342259 FAX: +27 21 418 2196 FAX: +34 952 825637 [email protected] [email protected] [email protected] [email protected] [email protected] Other Group offices in: Bahamas, British Virgin Islands, Cyprus, Denmark, Hong Kong, Malta, Mauritius, Netherlands, South Africa (Johannesburg), Turks & Caicos Islands, NATIONALITY United Arab Emirates, United States of America & Uruguay. Sovereign Trust (TCI) Ltd is licensed by the Financial Services Commission – Licence No: 029. Sovereign Trust (Gibraltar) Limited is licensed by the Financial Services Commission – Licence No: FSC 00143B.
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