Domicile Inheritance Tax - Gifts Make Simple
Domicile and Inheritance Tax
If you want to avoid 40% Inheritance tax in the UK, your choices need further consideration with the new EU legislation and a global move towards a statutory definition of Domicile.
If you write in a Will confirming your domicile as your home country then Inheritance Tax is assessed there. 0% inheritance tax applies in Cyprus if family inherit under Cyprus laws of succession.
A Cyprus centred approach could trigger a full Inheritance tax assessment of Worldwide assets on death. Meaning UK expats pay 40% tax on Cyprus Overseas Property Assets.
Gift it Away – Avoid Probate – Top Tips
Inheritance tax could be avoided by gifting during your lifetime directly to beneficiaries or into a family trust. You stay in control and have freedom from forced heirship.
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- Gifting could benefit your spouse from second marriage, who would otherwise share with first marriage children and other blood relatives.
- Gifts can protect all widows’ form losing control of assets during their lifetime.
- Gifts will achieve Inheritance Tax Saving up to 40% on assets gifted in your lifetime.
- Gifts in lifetime save the cost of Probate and achieve inheritance tax saving for expats up to 40%
- No excuses. Make written changes to you Will to adopt your home countries law or settle your Will under your country of residence.
Now every Expat must review their Wills to ensure that your Wishes are meet and your assets can be distributed as your wish in your Last Will & Testament.
Consider Inheritance Tax, Savings Taxes and Property Title Deeds: to bring your needs in line with the new legislation.
ProACT Expatriate Tax Saving Expat Experts – Free Review
ProACT can also assist and offer Free Review and advice to Make a Will, provide updates or revisions as required. You may want to make gifts to avoid Inheritance Tax. Gift to Family, Gift to Trust.
This may just give you piece of mind, but also ensures that when someone dies, unforeseen problems, expense and inheritance taxes are avoided.
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Related Articles:
Domicile Succession Tax Changes
Sam Orgill
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